FOR IMMEDIATE RELEASE:
July 9, 2013

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604

General Fund Receipts — June 2013

LINCOLN — June Gross Receipts: Tax Commissioner Doug Ewald reported that gross General Fund receipts for June were $457 million, which is 10.2% above the certified forecast of $414 million.

• Gross Sales and Use:
    6.0% above forecast
• Gross Individual Income:
  10.8% above forecast
• Gross Corporate Income:
  19.1% above forecast
• Gross Miscellaneous:
  17.2% above forecast

June Tax Refunds: Tax refunds for June were $66 million, which is 27.3% above the certified forecast of $52 million.

June Net Receipts: Net receipts for June were $390 million, which is 7.7% above the certified forecast of $362 million.

• Net Sales and Use:
    5.1% below forecast
• Net Individual Income:
  11.4% above forecast
• Net Corporate Income:
  26.0% above forecast
• Net Miscellaneous:
  17.0% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $4.052 billion, which is 7.6% above the certified forecast of $3.767 billion.

• Net Sales and Use:
    0.3% below forecast
• Net Individual Income:
  12.9% above forecast
• Net Corporate Income:
  19.8% above forecast
• Net Miscellaneous:
    2.5% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On April 25, 2013, the Nebraska Economic Forecasting Advisory Board met and revised the forecast for the current year upward from the February 28, 2013 forecast of $3.878 billion to $4 billion. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are based on the forecast certified on July 16, 2012.

Previous monthly press releases are at www.revenue.nebraska.gov/research/gen_fund.html.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

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
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September
393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October
228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1
November
315,022,112 312,379,000 2,643,112 0.8 1,493,538,608 1,455,285,000 38,253,608 2.6
December
362,482,965 321,723,000 40,759,965 12.7 1,856,021,573 1,777,008,000 79,013,573 4.4
January
350,993,211 337,258,000 13,735,211 4.1 2,207,770,887 2,114,266,000 93,504,887 4.4
February
216,047,077 220,588,000 -4,540,923 -2.1 2,423,817,965 2,334,854,000 88,963,965 3.8
March
273,456,199 292,117,000 -18,660,801 -6.4 2,697,274,163 2,626,971,000 70,303,163 2.7
April
625,588,045 432,937,000 192,651,045 44.5 3,322,862,208 3,059,908,000 262,954,208 8.6
May
339,136,046 344,798,000 -5,661,954 -1.6 3,661,998,254 3,404,706,000 257,292,254 7.6
June
390,360,355 362,362,000 27,998,355 7.7 4,052,358,610 3,767,066,000 285,292,610 7.6

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2013 and Cumulative Fiscal Year 2012-2013*

  JUNE
ACTUAL
JUNE
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$169,483,167
$159,866,000
$ 9,617,167
6.0
$1,944,467,714
$1,906,878,000
$37,589,714
2.0
Ind. Income Tax
207,846,556
187,579,000
20,267,556
10.8
2,492,601,926
2,232,586,000
260,015,926
11.6
Corp. Income Tax
48,746,370
40,929,000
7,817,370
19.1
318,145,131
276,722,000
41,423,131
15.0
Misc. Taxes
30,533,981
26,048,000
4,485,981 17.2
200,072,864
195,184,000
4,888,864
2.5
Total Gross
$456,610,074 $414,421,000 $42,189,074 10.2 $4,955,287,635 $4,611,370,000 $343,917,635 7.5
REFUNDS
Total Refunds
$66,249,719 $52,060,000 $14,189,719 27.3 $902,929,026 $844,304,000 $58,625,026 6.9
NET RECEIPTS
Sales & Use Tax
$116,886,761
$123,134,000
-$ 6,247,239
-5.1
$1,474,942,640
$1,479,906,000
-$   4,963,360
-0.3
Ind. Income Tax
195,085,598
175,174,000
19,911,598
11.4
2,101,912,041
1,862,137,000
239,775,041
12.9
Corp. Income Tax
47,929,563
38,029,000
9,900,563
26.0
275,562,990
230,000,000
45,562,990
19.8
Misc. Taxes
30,458,433
26,025,000
4,433,433
17.0
199,940,939
195,023,000
4,917,939
2.5
Total Net
$390,360,355
$362,362,000
$27,998,355
7.7

$4,052,358,610

$3,767,066,000
$285,292,610
7.6
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.