FOR IMMEDIATE RELEASE:
June 11, 2012

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

GENERAL FUND RECEIPTS — MAY 2012

LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for May were $394 million, which is 0.3% above the certified forecast of $393 million.

• Gross Sales and Use:
    0.8% below forecast
• Gross Individual Income:
    2.3% above forecast
• Gross Corporate Income:
    1.1% below forecast
• Gross Miscellaneous:
  20.1% below forecast

May Tax Refunds: Tax refunds for May were $57 million, which is 3.8% below the certified forecast of $59 million.

May Net Receipts: Net receipts for May were $338 million, which is 1% above the certified forecast of $334 million.

• Net Sales and Use:
    2.1% below forecast
• Net Individual Income:
    3.7% above forecast
• Net Corporate Income:
  11.7% above forecast
• Net Miscellaneous:
  20.3% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $3.3 billion, which is 3.1% above the certified forecast of $3.2 billion.

• Net Sales and Use:
    1.0% above forecast
• Net Individual Income:
    3.9% above forecast
• Net Corporate Income:
  20.0% above forecast
• Net Miscellaneous:
    3.8% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. The forecasting board met again on February 24, 2012 and voted to retain the October forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July, 12, 2011..

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 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September
352,198,248
348,138,000
4,060,248
1.2
880,704,046
888,542,000
-7,837,954
-0.9
October
222,675,821
205,211,000
17,464,821
8.5
1,103,379,866
1,093,753,000
9,626,866
0.9
November
304,541,302
310,425,000
-5,883,698
-1.9
1,407,921,169
1,404,178,000
3,743,169
0.3
December
315,752,839
307,691,000
8,061,839
2.6
1,723,674,008
1,711,869,000
11,805,008
0.7
January
332,895,309
307,342,000
25,553,309
8.3
2,056,569,317
2,019,211,000
37,358,317
1.9
February 227,923,183 228,928,000 -1,004,817 -0.4 2,284,492,500 2,248,139,000 36,353,500 1.6
March 294,885,808 262,417,000 32,468,808 12.4 2,579,378,307 2,510,556,000 68,822,307 2.7
April 427,308,325 398,560,000 28,748,325 7.2 3,006,686,632 2,909,116,000 97,570,632 3.4
May 337,561,396 334,337,000 3,224,396 1.0 3,344,248,028 3,243,453,000 100,795,028 3.1

Comparison of Actual and Projected General Fund Receipts by Tax Type
for May 2012 and Cumulative Fiscal Year 2011-2012*

  MAY
ACTUAL
MAY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$149,888,536
$151,093,000
-$1,204,464
-0.8
$1,695,840,381
$1,687,535,000
$ 8,305,381
0.5
Ind. Income Tax
222,379,032
217,327,000
5,052,032
2.3
1,996,580,038
1,949,890,000
46,690,038
2.4
Corp. Income Tax
11,366,037
11,492,000
-125,963
-1.1
223,183,450
213,726,000
9,457,450
4.4
Misc. Taxes
10,820,630
13,538,000
-2,717,370
-20.1
176,272,995
183,205,000
-6,932,005
-3.8
Total Gross
$394,454,235 $393,450,000 $1,004,235 0.3 $4,091,876,863 $4,034,358,000 $57,518,863 1.4
REFUNDS
Total Refunds
$56,892,839 $59,113,000 -$2,220,161 -3.8 $747,628,835 $790,904,000 -$43,275,165 -5.5
NET RECEIPTS
Sales & Use Tax
$112,840,683
$115,210,000
-$2,369,317
-2.1
$1,318,199,376
$1,305,265,000
$ 12,934,376
1.0
Ind. Income Tax
203,580,507
196,327,000
7,253,507
3.7
1,652,753,941
1,590,804,000
61,949,941
3.9
Corp. Income Tax
10,353,406
9,270,000
1,083,406
11.7
197,082,393
164,288,000
32,794,393
20.0
Misc. Taxes
10,786,800
13,530,000
-2,743,200
-20.3
176,212,318
183,093,000
-6,880,682
-3.8
Total Net
$337,561,396
$334,337,000
$3,224,396
1.0

$3,344,248,028

$3,243,453,000
$100,795,028
3.1

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.