FOR IMMEDIATE RELEASE:
June 10, 2010

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — MAY 2010

LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for May were $355 million, which is 3.2% above the recertified forecast of $344 million.

• Gross Sales and Use:     0.6% above forecast
• Gross Individual Income:     8.3% above forecast
• Gross Corporate Income:   22.8% below forecast
• Gross Miscellaneous:   20.9% below forecast

May Tax Refunds: Tax refunds for May were $57 million, which is 5.6% below the recertified forecast of $60 million.

May Net Receipts: Net receipts for May were $298 million, which is 5.1% above the recertified forecast of $283 million.

• Net Sales and Use:     0.7% below forecast
• Net Individual Income:   12.2% above forecast
• Net Corporate Income:   18.9% below forecast
• Net Miscellaneous:   20.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $2,896 million, which is 1.4% below the recertified forecast of $2,937 million.

• Net Sales and Use:    0.5% below forecast
• Net Individual Income:    2.1% below forecast
• Net Corporate Income:    2.1% below forecast
• Net Miscellaneous:    1.5% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. At this meeting, the Forecasting Board revised downward its October 2009 forecast of General Fund revenue for FY2009-10 by $40.3 million. As required by law, the forecast was recertified. 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 8, 2010. Receipts in this forecast are compared to the March recertified forecast.

Previous monthly press releases are found 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 2009-2010*

 

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
$197,807,239
$197,807,239
0
0.0
$ 197,807,239
$ 197,807,239
0
0.0
August
304,152,215
304,152,215
0
0.0
501,959,454
501,959,454
0
0.0
September
316,998,914
316,998,914
0
0.0
818,958,368
818,958,368
0
0.0
October
193,978,280
193,978,280
0
0.0
1,012,936,649
1,012,936,649
0
0.0
November
278,753,945
278,753,945
0
0.0
1,291,690,594
1,291,690,594
0
0.0
December
288,185,977
288,185,977
0
0.0
1,579,876,570
1,579,876,570
0
0.0
January
280,299,871
280,299,871
0
0.0
1,860,176,441
1,860,176,441
0
0.0
February
201,042,477
205,644,000
-4,601,523
-2.2
2,061,218,918
2,065,820,441
-4,601,523
-0.2
March 232,572,326 232,104,000 468,326 0.2 2,293,791,244 2,297,924,441 -4,133,197 -0.2
April 304,151,568 356,079,000 -51,927,432 -14.6 2,597,942,813 2,654,003,441 -56,060,628 -2.1
May 297,886,848 283,484,000 14,402,848 5.1 2,895,829,660 2,937,487,441 -41,657,781 -1.4

Comparison of Actual and Projected General Fund Receipts by Tax Type
for May 2010 and Cumulative Fiscal Year 2009-2010*

  MAY
ACTUAL
MAY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$139,276,034
$138,474,000
$ 802,034
0.6
$1,537,073,0251
$1,551,954,138
-$14,881,114
-1.0
Ind. Income Tax
197,875,429
182,766,000
15,109,429
8.3
1,731,105,103
1,762,679,890
-31,574,787
-1.8
Corp. Income Tax
7,522,748
9,746,000
-2,223,252
-22.8
183,916,194
186,698,333
-2,782,139
-1.5
Misc. Taxes
10,144,280
12,823,000
-2,678,720
-20.9
205,792,991
209,114,998
-3,322,007
-1.6
Total Gross
$354,818,492 $343,810,000 $11,008,492 3.2 $3,657,887,312 $3,710,448,359 -$52,561,047 -1.4
REFUNDS
Total Refunds
$56,931,644 $60,330,000 -$3,398,356 -5.6 $762,057,652 $772,964,918 -$10,907,266 -1.4
NET RECEIPTS
Sales & Use Tax
$104,952,637
$105,675,000
-$ 722,363
-0.7
$1,187,224,543
$1,192,886,849
-$ 5,662,306
-0.5
Ind. Income Tax
176,775,552
157,594,000
19,181,552
12.2
1,370,581,733
1,400,580,089
-29,998,356
-2.1
Corp. Income Tax
6,015,044
7,414,000
-1,398,956
-18.9
132,248,143
135,076,413
-2,828,270
-2.1
Misc. Taxes
10,143,615
12,798,000
-2,654,385
-20.7
205,775,241
208,940,090
-3,164,849
-1.5
Total Net
$297,886,848
$283,484,000
$14,402,848
5.1

$2,895,829,660

$2,937,487,441
-$41,657,781
-1.4

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 8, 2010.