FOR IMMEDIATE RELEASE:
July 11, 2011

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

GENERAL FUND RECEIPTS — JUNE 2011

LINCOLN — June Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for June were $398 million, which is 1.9% above the recertified forecast of $391 million.

• Gross Sales and Use:     1.1% below forecast
• Gross Individual Income:     3.4% above forecast
• Gross Corporate Income:     6.3% above forecast
• Gross Miscellaneous:     2.3% above forecast

June Tax Refunds: Tax refunds for June were $40 million, which is 22.6% below the recertified forecast of $52 million.

June Net Receipts: Net receipts for June were $359 million, which is 5.6% above the recertified forecast of $340 million.

• Net Sales and Use:     4.7% above forecast
• Net Individual Income:     5.3% above forecast
• Net Corporate Income:   14.2% above forecast
• Net Miscellaneous:     2.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $3,500 million, which is 4.3% above the recertified forecast of $3,355 million.

• Net Sales and Use:     1.7% above forecast
• Net Individual Income:     7.8% above forecast
• Net Corporate Income:

    0.7% below forecast

• Net Miscellaneous:     0.7% 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
June 358,557,057 339,574,000 18,983,057 5.6 3,499,655,092 3,354,500,000 145,155,092 4.3

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

  JUNE
ACTUAL
JUNE
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$146,193,527
$147,793,000
-$1,599,473
-1.1
$1,762,331,823
$1,755,066,000
$ 7,265,823
0.4
Ind. Income Tax
173,742,357
167,962,000
5,780,357
3.4
2,071,513,011
1,988,974,000
82,539,011
4.1
Corp. Income Tax
36,946,663
34,748,000
2,198,663
6.3
220,565,785
222,200,000
-1,634,215
-0.7
Misc. Taxes
41,584,779
40,636,000
948,779
2.3
236,766,768
238,627,000
-1,860,232
-0.8
Total Gross
$398,467,326 $391,139,000 $7,328,326 1.9 $4,291,177,387 $4,204,866,000 $86,311,387 2.1
REFUNDS
Total Refunds
$39,910,269 $51,566,000 -$11,655,731 -22.6 $791,522,294 $850,366,000 -$58,843,706 -6.9
NET RECEIPTS
Sales & Use Tax
$116,871,883
$111,584,000
$ 5,287,883
4.7
$1,372,784,033
$1,350,000,000
$ 22,784,033
1.7
Ind. Income Tax
163,573,037
155,378,000
8,195,037
5.3
1,735,208,600
1,610,000,000
125,208,600
7.8
Corp. Income Tax
36,527,715
31,977,000
4,550,715
14.2
154,944,966
156,000,000
-1,055,034
-0.7
Misc. Taxes
41,584,423
40,635,000
949,423
2.3
236,717,493
238,500,000
-1,782,507
-0.7
Total Net
$358,557,057
$339,574,000
$18,983,057
5.6

$3,499,655,092

$3,354,500,000
$145,155,092
4.3

*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.