FOR IMMEDIATE RELEASE:
September 10, 2014

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

General Fund Receipts —August 2014

LINCOLN — August Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for August were $409 million, which is 1.3% below the certified forecast of $415 million.

• Sales and Use:
    1.0% below forecast
• Individual Income:
    0.7% below forecast
• Corporate Income:
    3.9% below forecast
• Miscellaneous:
  13.1% below forecast

August Tax Refunds: Tax refunds for August were $55 million, which is 12.4% below the certified forecast of $63 million.

August Net Receipts: Net receipts for August were $354 million, which is 0.7% above the certified forecast of $351 million.

• Sales and Use:
    4.7% above forecast
• Individual Income:
    1.4% below forecast
• Corporate Income:
  34.9% above forecast
• Miscellaneous:
  13.0% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-2015 were $595 million, which is 0.3% above the certified forecast of $593 million.

• Sales and Use:
    4.9% above forecast
• Individual Income:
    2.3% below forecast
• Corporate Income:
  13.2% above forecast
• Miscellaneous:
  20.1% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2014. This forecast was adjusted for legislation passed in 2014, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2014.

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

##

APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2014-2015*

 

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
$241,017,843
$241,911,580
-$ 893,737
-0.4
$241,017,843
$241,911,580
-$  893,737
-0.4
August
354,034,166
351,452,296
2,581,869
0.7
595,052,008
593,363,876
1,688,132
0.3

Comparison of Actual and Projected General Fund Receipts by Tax Type
for August 2014 and Cumulative Fiscal Year 2014-2015*

 

August
Actual

August
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$175,313,543
$176,998,183 -$1,684,641
-1.0
$356,688,560
$357,870,780
-$ 1,182,220 -0.3
Ind. Income Tax
214,832,802
216,328,905
-1,496,104
-0.7
296,987,947
303,126,927
-6,138,980
-2.0
Corp. Income Tax
7,636,283
7,949,509
-313,226
-3.9
21,175,624
20,864,557
311,068
1.5
Misc. Taxes
11,618,803
13,364,615
-1,745,812 -13.1
24,959,269
31,261,048
-6,301,779
-20.2
Total Gross
$409,401,431
$414,641,213
-$5,239,782
-1.3
$699,811,400
$713,123,312
-$13,311,912 -1.9
Refunds
Total Refunds

$55,367,265

$63,188,916
-$7,821,651
-12.4
$104,759,391
$119,759,435
-$15,000,044
-12.5
Net Receipts
Sales & Use Tax
$130,345,970
$124,489,705
$5,856,265
4.7
$272,526,924
$259,857,161
$12,669,763
4.9
Ind. Income Tax
206,524,865
209,491,807
-2,966,942
-1.4
280,637,554
287,304,778
-6,667,224
-2.3
Corp. Income Tax
5,544,703
4,109,770
1,434,933
34.9
16,928,562
14,959,124
1,969,437
13.2
Misc. Taxes
11,618,628
13,361,014
-1,742,386
-13.0
24,958,969
31,242,813
-6,283,845
-20.1
Total Net
$354,034,166
$351,452,296
$2,581,869
0.7

$595,052,008

$593,363,876
$ 1,688,132
0.3


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 28, 2014 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2014.