FOR IMMEDIATE RELEASE:
July 10, 2014

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-8557

General Fund Receipts —June 2014

LINCOLN — June Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for June were $481 million, which is 6.0% above the certified forecast of $454 million.

• Sales and Use:
    1.3% above forecast
• Individual Income:
    2.0% above forecast
• Corporate Income:
  20.9% above forecast
• Miscellaneous:
  37.1% above forecast

June Tax Refunds: Tax refunds for June were $57 million, which is 5.8% below the certified forecast of $61 million.

June Net Receipts: Net receipts for June were $423 million, which is 7.8% above the certified forecast of $393 million.

• Sales and Use:
    1.3% above forecast
• Individual Income:
    3.1% above forecast
• Corporate Income:
  27.8% above forecast
• Miscellaneous:
  37.1% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $4.117 billion, which is 2.4% above the certified forecast of $4.021 billion.

• Sales and Use:
    1.7% above forecast
• Individual Income:
    1.0% above forecast
• Corporate Income:
  15.7% above forecast
• Miscellaneous:
    4.1% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013. On February 28, 2014, the Board met and revised the forecast for the current fiscal year upward by $82 million from the certified forecast to $4.103 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 11, 2013.

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

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APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7
September
426,483,667
399,648,227
26,835,440
6.7
999,310,372
968,648,087
30,662,286
3.2
October
230,928,322
229,163,799
1,764,523
0.8
1,230,238,695
1,197,811,886
32,426,809
2.7
November
327,065,697
311,760,913
15,304,783
4.9
1,557,304,392
1,509,572,799
47,731,592
3.2
December
348,464,354
346,113,919
2,350,436
0.7
1,905,768,746
1,855,686,718
50,082,028
2.7
January
363,606,321
348,071,825
15,534,496
4.5
2,269,375,067
2,203,758,543
65,616,524
3.0
February
258,546,497
241,481,771
17,064,726
7.1
2,527,961,563
2,445,240,314
82,721,249
3.4
March
350,418,319
312,844,044
37,574,275
12.0
2,878,380,203
2,758,084,358
120,295,844
4.4
April 482,691,430 520,373,169 -37,681,739 -7.2 3,361,071,313 3,278,457,527 82,613,786 2.5
May 332,936,184 349,444,824 -16,508,639 -4.7 3,694,007,497 3,627,902,351 66,105,146 1.8
June 423,400,735 392,784,649 30,616,086 7.8 4,117,408,232 4,020,687,000 96,721,232 2.4

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2014 and Cumulative Fiscal Year 2013-2014*

 

June
Actual

June
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$173,385,062
$171,218,710 $ 2,166,352
1.3
$2,040,600,845
$2,008,802,251
$31,798,595 1.6
Ind. Income Tax
211,227,173
206,989,627
4,237,546
2.0
2,418,603,017
2,372,371,364
46,231,653
1.9
Corp. Income Tax
54,926,622
45,422,167
9,504,455
20.9
338,342,475
315,552,495
22,789,980
7.2
Misc. Taxes
41,197,907
30,052,630
11,145,278
37.1
225,324,574
216,388,005
8,936,569
4.1
Total Gross
$480,736,764
$453,683,134
$27,053,630
6.0
$5,022,870,911
$4,913,114,114
$109,756,796 2.2
Refunds
Total Refunds

$57,336,029

$60,898,485
$-3,562,456
-5.8
$905,462,679
$892,427,115
$13,035,564
1.5
Net Receipts
Sales & Use Tax
$125,825,183
$124,173,359
$ 1,651,823
1.3
$1,524,793,763
$1,499,996,193
$24,797,570
1.7
Ind. Income Tax
202,040,954
196,040,742
6,000,212
3.1
2,060,758,896
2,039,394,806
21,364,090
1.0
Corp. Income Tax
54,336,851
42,528,604
11,808,247
27.8
306,591,027
264,999,995
41,591,032
15.7
Misc. Taxes
41,197,747
30,041,943
11,155,804
37.1
225,264,546
216,296,005
8,968,541
4.1
Total Net
$423,400,735
$392,784,649
$30,616,086
7.8

$4,117,408,232

$4,020,687,000
$96,721,232
2.4


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.