FOR IMMEDIATE RELEASE:
June 13, 2016

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

General Fund Receipts — May 2016

LINCOLN — May Gross Receipts: Tax Commissioner Tony Fulton reports that gross General Fund receipts for May were $456 million, which is 1.2% above the certified forecast of $451 million.

• Gross Sales and Use:
   3.0% below forecast
• Gross Individual Income:
   5.8% above forecast
• Gross Corporate Income:
 19.8% above forecast
• Gross Miscellaneous:
 48.4% below forecast

May Tax Refunds: Tax refunds for May were $77 million, which is 7.2% above the certified forecast of $72 million.

May Net Receipts: Net receipts for May were $379 million, which is 0.1% above the certified forecast of $379 million.

• Net Sales and Use:
   2.5% below forecast
• Net Individual Income:
   3.9% above forecast
• Net Corporate Income:
   4.8% above forecast
• Net Miscellaneous:
 48.4% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2015-16 were $3.894 billion, which is 1.8% below the certified forecast of $3.965 billion.

• Net Sales and Use:
   2.0% below forecast
• Net Individual Income:
   2.9% below forecast
• Net Corporate Income:
   0.9% above forecast
• Net Miscellaneous:
   8.6% 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
May 378,942,906 378,608,124 334,782 0.1 3,893,790,891 3,964,603,004 -70,812,112 -1.8

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

 

May
Actual

May
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$168,544,182 $173,843,899 -$ 5,299,717 -3.0 $1,921,749,767 $1,963,579,403 -$41,829,635 -2.1
Ind. Income Tax
267,532,670
252,929,185
14,603,485
5.8
2,424,724,581
2,475,132,893
-50,408,312
-2.0
Corp. Income Tax
13,658,287
11,404,086
2,254,201
19.8
313,827,697
301,547,671
12,280,026
4.1
Misc. Taxes
6,457,255
12,515,653
-6,058,397 -48.4
198,409,586
182,748,591 15,660,995 8.6
Total Gross
$456,192,394
$450,692,822
$5,499,572
1.2
$4,858,711,631
$4,923,008,557
-$64,296,926 -1.3
Refunds
Total Refunds

$77,249,488

$72,084,698
$5,164,790 7.2
$964,920,740
$958,405,554
$6,515,186
0.7
Net Receipts
Sales & Use Tax
$122,631,477
$125,728,729
-$3,097,253
-2.5
$1,408,443,240
$1,437,324,252
-$28,881,013
-2.0
Ind. Income Tax
240,156,980
231,117,154
9,039,826
3.9
2,020,131,679
2,080,065,134
-59,933,455 -2.9
Corp. Income Tax
9,697,193
9,250,790
446,404
4.8
266,893,985
264,522,607
2,371,377 0.9
Misc. Taxes
6,457,255
12,511,451
-6,054,196 -48.4 198,321,988 182,691,010
15,630,978
8.6
Total Net
$378,942,906
$378,608,124
$334,782 0.1

$3,893,790,891

$3,964,603,004
-$70,812,112
-1.8


*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.