FOR IMMEDIATE RELEASE:
May 13, 2016

FOR INFORMATION CONTACT:
Tony Fulton, Tax Commissioner
402-471-5604

General Fund Receipts — April 2016

LINCOLN — April Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for April were $633 million, which is 6.0% below the certified forecast of $674 million.

• Gross Sales and Use:
    3.2% below forecast
• Gross Individual Income:
  11.2% below forecast
• Gross Corporate Income:
    7.8% below forecast
• Gross Miscellaneous:
  47.7% above forecast

April Tax Refunds: Tax refunds for April were $137 million, which is 9.8% above the certified forecast of $125 million.

April Net Receipts: Net receipts for April were $496 million, which is 9.6% below the certified forecast of $549 million.

• Net Sales and Use:
    4.9% below forecast
• Net Individual Income:
  16.5% below forecast
• Net Corporate Income:
  15.8% below forecast
• Net Miscellaneous:
  47.7% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $3.515 billion, which is 2.0% below the certified forecast of $3.586 billion.

• Net Sales and Use:
    2.0% below forecast
• Net Individual Income:
    3.7% below forecast
• Net Corporate Income:
    0.8% above forecast
• Net Miscellaneous:
  12.7% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 30, 2015. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on November 13, 2015. At the February 26th meeting, the Board revised the forecast for the current fiscal year upward by $17.0 million to $4.420 billion. By law, only downward revisions to the forecast are recertified, so the comparisons made in this release are still based on the forecast certified on November 13, 2015.

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

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APPROVED:
Tony Fulton
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2015-2016*

 

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
$250,936,332
$250,936,332
$         0
0.0
$  250,936,332
$  250,936,332
$         0
0.0
August
385,186,831
385,186,831
0
0.0
636,123,163
636,123,163
0
0.0
September 440,846,015 440,846,015 0 0.0 1,076,969,178 1,076,969,178 0 0.0
October 225,230,579 225,230,579 0 0.0 1,302,199,757 1,302,199,757 0 0.0
November 369,731,822 365,282,409 4,449,413 1.2 1,671,931,579 1,667,482,183 4,449,396 0.3
December 368,719,470 383,438,226 -14,718,756 -3.8 2,040,651,049 2,050,920,409 -10,269,360 -0.5
January 371,697,375 366,175,125 5,522,250 1.5 2,412,348,424 2,417,095,534 -4,747,110 -0.2
February 279,050,673 277,419,257 1,631,416 0.6 2,691,399,097 2,694,514,792 -3,115,694 -0.1
March 327,084,257 342,570,801 -15,486,544 -4.5 3,018,483,354 3,037,085,592 -18,602,238 -0.6
April 496,364,631 548,909,287 -52,544,656 -9.6 3,514,847,986 3,585,994,880 -71,146,894 -2.0

Comparison of Actual and Projected General Fund Receipts by Tax Type
for April 2016 and Cumulative Fiscal Year 2015-2016*

 

April
Actual

April
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$177,767,566 $183,709,238 -$ 5,941,672 -3.2 $1,753,205,585 $1,789,735,504 -$36,529,918 -2.0
Ind. Income Tax
377,932,406
425,663,629
-47,731,222
-11.2
2,157,191,911
2,222,203,708
-65,011,797
-2.9
Corp. Income Tax
28,638,102
31,058,152
-2,420,050
-7.8
300,169,411
290,143,585
10,025,825
3.5
Misc. Taxes
49,053,398
33,219,752
15,833,645 47.7
191,952,330
170,232,938 21,719,392 12.8
Total Gross
$633,391,471
$673,650,771
-$40,259,300
-6.0
$4,402,519,237
$4,472,315,735
-$69,796,498 -1.6
Refunds
Total Refunds

$137,026,840

$124,741,483
$12,285,356 9.8
$887,671,252
$886,320,856
$1,350,396
0.2
Net Receipts
Sales & Use Tax
$135,957,709
$142,948,966
-$ 6,991,257
-4.9
$1,285,811,763
$1,311,595,523
-$25,783,760
-2.0
Ind. Income Tax
286,589,409
343,331,922
-56,742,513
-16.5
1,779,974,699
1,848,947,980
-68,973,281 -3.7
Corp. Income Tax
24,764,151
29,412,560
-4,648,409
-15.8
257,196,791
255,271,817
1,924,974 0.8
Misc. Taxes
49,053,363
33,215,840
15,837,522 47.7 191,864,733 170,179,559
21,685,173
12.7
Total Net
$496,364,631
$548,909,287
-$52,544,656 -9.6

$3,514,847,986

$3,585,994,880
-$71,146,894
-2.0


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 30, 2015 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on November 13, 2015.