FOR IMMEDIATE RELEASE:
July 9, 2010

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

GENERAL FUND RECEIPTS — JUNE 2010

LINCOLN —June Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for June were $366 million, which is 6.8% below the recertified forecast of $393 million.

• Gross Sales and Use:     7.4% below forecast
• Gross Individual Income:   10.0% below forecast
• Gross Corporate Income:   12.7% above forecast
• Gross Miscellaneous:      5.0% below forecast

June Tax Refunds: Tax refunds for June were $57 million, which is 16.2% above the recertified forecast of $49 million.

June Net Receipts: Net receipts for June were $309 million, which is 10.1% below the recertified forecast of $344 million.

• Net Sales and Use:   12.4% below forecast
• Net Individual Income:   10.1% below forecast
• Net Corporate Income:      7.7% below forecast
• Net Miscellaneous:      5.0% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $3,205 million, which is 2.3% below the recertified forecast of $3,281 million.

• Net Sales and Use:   1.5% below forecast
• Net Individual Income:   3.0% below forecast
• Net Corporate Income:   2.9% below forecast
• Net Miscellaneous:   2.1% 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.

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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 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
June 308,850,012 343,617,000 -34,766,988 -10.1 3,204,679,672 3,281,100,000 -76,420,328 -2.3

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

  JUNE
ACTUAL
JUNE
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$136,357,833
$147,310,000
-$10,952,167
-7.4
$1,673,430,858
$1,699,265,000
-$25,834,143
-1.5
Ind. Income Tax
156,662,801
174,139,000
-17,476,199
-10.0
1,887,767,904
1,936,819,000
-49,051,096
-2.5
Corp. Income Tax
32,674,994
29,003,000
3,671,994
12.7
216,591,188
215,701,000
890,188
0.4
Misc. Taxes
39,987,865
42,071,000
-2,083,135
-5.0
245,780,856
251,186,000
-5,405,144
-2.2
Total Gross
$365,683,493 $392,523,000 -$26,839,507 -5.0 $4,023,570,806 $4,102,972,000 -$79,401,194 -1.9
REFUNDS
Total Refunds
$56,833,481 $48,906,000 $7,927,481 16.2 $818,891,133 $821,872,000 -$2,980,867 -0.4
NET RECEIPTS
Sales & Use Tax
$102,572,334
$117,113,000
-$14,540,666
-12.4
$1,289,796,877
$1,310,000,000
-$20,203,123
-1.5
Ind. Income Tax
144,248,381
160,520,000
-16,271,619
-10.1
1,514,830,114
1,561,100,000
-46,269,886
-3.0
Corp. Income Tax
22,083,995
23,923,000
-1,839,005
-7.7
154,332,137
159,000,000
-4,667,862
-2.9
Misc. Taxes
39,945,304
42,061,000
-2,115,696
-5.0
245,720,545
251,000,000
-5,279,455
-2.1
Total Net
$308,850,012
$343,617,000
-$34,766,988
-10.1

$3,204,679,672

$3,281,100,000
-$76,420,328
-2.3

*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.