FOR IMMEDIATE RELEASE:
May 10, 2011

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700

GENERAL FUND RECEIPTS — April 2011

LINCOLN — April Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for April were $505 million, which is 12.3% above the recertified forecast of $450 million.

• Gross Sales and Use:     3.3% above forecast
• Gross Individual Income:   21.1% above forecast
• Gross Corporate Income:   18.7% below forecast
• Gross Miscellaneous:   10.3% above forecast

April Tax Refunds: Tax refunds for April were $101 million, which is 12.4% below the recertified forecast of $115 million.

April Net Receipts: Net receipts for April were $404 million, which is 20.8% above the recertified forecast of $335 million.

• Net Sales and Use:     3.9% above forecast
• Net Individual Income:   39.7% above forecast
• Net Corporate Income:   17.7% below forecast
• Net Miscellaneous:   10.4% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $2,801 million, which is 3.6% above the recertified forecast of $2,704 million.

• Net Sales and Use:     0.1% below forecast
• Net Individual Income:     8.0% above forecast
• Net Corporate Income:

    1.7% below forecast

• Net Miscellaneous:     0.9% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2011. At this meeting, the forecasting Board revised downward its October 2010 forecast of General Fund revenue for FY2010-11 by $9.5 million. The Board's forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 10, 2011, as required by law. The forecasting Board met again on April 28, 2011. At this meeting General Fund revenues for FY2010-11 were revised upward by $82.5 million. By statute, upward revisions to the forecast are not recertified; therefore, revenues in this release are compared to the March recertified forecast.

Previous monthly press releases are at www.revenue.nebraska.gov/research/gen_fund.html.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2010-2011*

 

TOTAL
ACTUAL NET
RECEIPTS

TOTAL
PROJECTED
NET RECEIPTS**
DIFFERENCE

PERCENT
DIFFERENCE

CUMULATIVE
ACTUAL NET
RECEIPTS

CUMULATIVE
PROJECTED
NET RECEIPTS**

CUMULATIVE
DIFFERENCE

CUMULATIVE
PERCENT
DIFFERENCE

July
$179,591,989
$179,592,000
0
0.0
$179,591,989
$ 179,592,000
0
0.0
August
321,595,200
321,595,200
0
0.0
501,187,189
501,187,000
0
0.0
September 340,792,100 340,792,000 0 0.0 841,979,289 841,979,000 0 0.0
October 191,162,664 191,163,000 0 0.0 1,033,141,952 1,033,142,000 0 0.0
November 294,317,381 294,317,000 0 0.0 1,327,459,333 1,327,459,000 0 0.0
December 297,308,646 297,309,000 0 0.0 1,624,767,980 1,624,768,000 0 0.0
January 289,870,265 289,870,000 0 0.0 1,914,638,244 1,914,638,000 0 0.0
February 213,827,526 214,113,000 -285,474 -0.1 2,128,465,770 2,128,751,000 -285,230 0.0
March 267,811,221 240,580,000 27,231,221 11.3 2,396,276,991 2,369,331,000 26,945,991 1.1
April 404,453,871 334,708,000 69,745,871 20.8 2,800,730,862 2,704,039,000 96,691,862 3.6

Comparison of Actual and Projected General Fund Receipts by Tax Type
for April 2011 and Cumulative Fiscal Year 2010-2011*

  APRIL
ACTUAL
APRIL
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$153,741,699
$148,829,000
$4,912,699
3.3
$1,461,045,710
$1,464,349,000
-$3,303,290
-0.2
Ind. Income Tax
301,205,073
248,678,000
52,527,073
21.1
1,680,728,258
1,616,556,000
64,172,258
4.0
Corp. Income Tax
20,410,847
25,121,000
-4,710,153
-18.7
174,170,333
177,104,000
-2,933,667
-1.7
Misc. Taxes
30,037,299
27,244,000
2,793,299
10.3
185,365,969
187,038,000
-1,672,031
-0.9
Total Gross
$505,394,918 $449,872,000 $55,522,918 12.3 $3,501,310,269 $3,445,048,000 $56,262,269 1.6
REFUNDS
Total Refunds
$100,941,048 $115,164,000 -$14,222,952 -12.4 $700,579,407 $741,009,000 -$40,429,593 -5.5
NET RECEIPTS
Sales & Use Tax
$121,524,650
$116,949,000
$4,575,650
3.9
$1,128,597,913
$1,129,789,000
-$1,191,087
-0.1
Ind. Income Tax
233,868,705
167,441,000
66,427,705
39.7
1,373,176,419
1,271,673,000
101,503,419
8.0
Corp. Income Tax
19,023,662
23,109,000
-4,085,338
-17.7
113,639,355
115,653,000
-2,013,645
-1.7
Misc. Taxes
30,036,854
27,209,000
2,827,854
10.4
185,317,175
186,923,000
-1,605,825
-0.9
Total Net
$404,453,871
$334,708,000
$69,745,871
20.8

$2,800,730,862

$2,704,039,000
$96,691,862
3.6

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 25, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on March 10, 2011.