FOR IMMEDIATE RELEASE:
September 12, 2011

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

GENERAL FUND RECEIPTS — AUGUST 2011

LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for August were $377 million, which is 1.1% above the certified forecast of $373 million.

• Gross Sales and Use:     1.7% below forecast
• Gross Individual Income:     3.4% above forecast
• Gross Corporate Income:   16.0% above forecast
• Gross Miscellaneous:     7.2% below forecast

August Tax Refunds: Tax refunds for August were $49 million, which is 11.6% above the certified forecast of $44 million.

August Net Receipts: Net receipts for August were $328 million, which is 0.3% below the certified forecast of $329 million.

• Net Sales and Use:     7.6% below forecast
• Net Individual Income:     2.6% above forecast
• Net Corporate Income: 283.2% above forecast
• Net Miscellaneous:     7.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $529 million, which is 2.2% below the certified forecast of $540 million.

• Net Sales and Use:     4.1% below forecast
• Net Individual Income:     3.0% below forecast
• Net Corporate Income:

161.6% above forecast

• Net Miscellaneous:     6.3% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011.

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 2011-2012*

 

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
$200,410,336
$211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2011 and Cumulative Fiscal Year 2011-2012*

  AUGUST
ACTUAL
AUGUST
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$150,356,802
$152,932,000
-$2,575,198
-1.7
$309,331,409
$312,401,000
-$3,069,591
-1.0
Ind. Income Tax
208,876,719
202,106,000
6,770,719
3.4
275,501,735
275,736,000
-234,265
-0.1
Corp. Income Tax
6,429,436
5,545,000
884,436
16.0
15,776,591
12,746,000
3,030,591
23.8
Misc. Taxes
11,125,626
11,992,000
-866,374
-7.2
25,602,169
27,354,000
-1,751,831
-6.4
Total Gross
$376,788,584 $372,576,000 $4,212,584 1.1 $626,211,905 $628,237,000 -$2,025,095 -0.3
REFUNDS
Total Refunds
$48,693,122 $43,621,000 $5,072,122 11.6 $97,706,107 $87,833,000 $9,873,107 11.2
NET RECEIPTS
Sales & Use Tax
$108,881,341
$117,892,000
-$9,010,659
-7.6
$233,983,563
$244,068,000
-$10,084,437
-4.1
Ind. Income Tax
202,932,692
197,732,000
5,200,692
2.6
256,093,489
264,102,000
-8,008,511
-3.0
Corp. Income Tax
5,158,058
1,346,000
3,812,058
283.2
12,829,468
4,904,000
7,925,468
161.6
Misc. Taxes
11,123,371
11,984,000
-860,629
-7.2
25,599,277
27,329,000
-1,729,723
-6.3
Total Net
$328,095,462
$328,955,000
-$ 859,538
-0.3

$528,505,797

$540,404,000
-$11,898,203
-2.2

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.