FOR IMMEDIATE RELEASE:
June 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 — May 2011

LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for May were $391 million, which is 6.2% above the recertified forecast of $369 million.

• Gross Sales and Use:     8.5% above forecast
• Gross Individual Income:     6.2% above forecast
• Gross Corporate Income:     8.7% below forecast
• Gross Miscellaneous:   10.4% below forecast

May Tax Refunds: Tax refunds for May were $51 million, which is 11.7% below the recertified forecast of $58 million.

May Net Receipts: Net receipts for May were $340 million, which is 9.5% above the recertified forecast of $311 million.

• Net Sales and Use:   17.2% above forecast
• Net Individual Income:     8.5% above forecast
• Net Corporate Income:   42.9% below forecast
• Net Miscellaneous:   10.3% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $3,141 million, which is 4.2% above the recertified forecast of $3,015 million.

• Net Sales and Use:     1.4% above forecast
• Net Individual Income:     8.0% above forecast
• Net Corporate Income:

    4.5% below forecast

• Net Miscellaneous:     1.4% 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.

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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
May 340,367,174 310,887,000 29,480,174 9.5 3,141,098,036 3,014,926,000 126,172,036 4.2

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

  MAY
ACTUAL
MAY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$155,092,586
$142,924,000
$12,168,586
8.5
$1,616,138,296
$1,607,273,000
$8,865,296
0.6
Ind. Income Tax
217,042,396
204,454,000
12,588,396
6.2
1,897,770,654
1,821,010,000
76,760,654
4.2
Corp. Income Tax
9,448,790
10,348,000
-899,210
-8.7
183,619,123
187,452,000
-3,832,877
-2.0
Misc. Taxes
9,816,020
10,952,000
-1,135,980
-10.4
195,181,989
197,990,000
-2,808,011
-1.4
Total Gross
$391,399,792 $368,679,000 $22,720,792 6.2 $3,892,710,061 $3,813,727,000 $78,983,061 2.1
REFUNDS
Total Refunds
$51,032,619 $57,792,000 -$6,759,381 -11.7 $751,612,025 $798,801,000 -$47,188,975 -5.9
NET RECEIPTS
Sales & Use Tax
$127,314,237
$108,627,000
$18,687,237
17.2
$1,255,912,150
$1,238,416,000
$ 17,496,150
1.4
Ind. Income Tax
198,459,145
182,950,000
15,509,145
8.5
1,571,635,564
1,454,623,000
117,012,564
8.0
Corp. Income Tax
4,777,896
8,368,000
-3,590,104
-42.9
118,417,251
124,021,000
-5,603,749
-4.5
Misc. Taxes
9,815,895
10,942,000
-1,126,105
-10.3
195,133,070
197,865,000
-2,731,930
-1.4
Total Net
$340,367,174
$310,887,000
$29,480,174
9.5

$3,141,098,036

$3,014,926,000
$126,172,036
4.2

*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.