FOR IMMEDIATE RELEASE:
October 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 — SEPTEMBER 2011

LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for September were $396.1 million, which is 1.1% above the certified forecast of $391.6 million.

• Gross Sales and Use:    0.7% above forecast
• Gross Individual Income:    0.6% below forecast
• Gross Corporate Income:    1.8% above forecast
• Gross Miscellaneous:  12.8% above forecast

September Tax Refunds: Tax refunds for September were $43.9 million, which is 0.8% above the certified forecast of $43.5 million.

September Net Receipts:
Net receipts for September were $352.2 million, which is 1.2% above the certified forecast of $348.1 million.

• Net Sales and Use:     0.3% below forecast
• Net Individual Income:     0.6% below forecast
• Net Corporate Income:     5.1% above forecast
• Net Miscellaneous:   12.8% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $880.7 million, which is 0.9% below the certified forecast of $888.5 million.

• Net Sales and Use:     2.9% below forecast
• Net Individual Income:     2.1% below forecast
• Net Corporate Income:

  24.1% above forecast

• Net Miscellaneous:     3.3% above 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
September 352,198,248 348,138,000 4,060,248 1.2 880,704,046 888,542,000 -7,837,954 -0.9

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

  SEPTEMBER
ACTUAL
SEPTEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$152,519,144
$151,401,000
$1,118,144
0.7
$ 461,850,553
$ 463,802,000
-$1,951,447
-0.4
Ind. Income Tax
173,041,133
174,002,000
-960,867
-0.6
448,542,868
449,738,000
-1,195,132
-0.3
Corp. Income Tax
39,193,167
38,485,000
708,167
1.8
54,969,758
51,231,000
3,738,758
7.3
Misc. Taxes
31,298,005
27,755,000
3,543,005
12.8
56,900,174
55,109,000
1,791,174
3.3
Total Gross
$396,051,449 $391,643,000 $4,408,449 1.1 $1,022,263,353 $1,019,880,000 $2,383,353 0.2
REFUNDS
Total Refunds
$43,853,200 $43,504,000 $349,200 0.8 $141,559,308 $131,337,000 $10,222,308 7.8
NET RECEIPTS
Sales & Use Tax
$115,387,149
$115,711,000
-$ 323,851
-0.3
$349,370,713
$359,779,000
-$10,408,287
-2.9
Ind. Income Tax
168,065,787
169,067,000
-1,001,213
-0.6
424,159,276
433,169,000
-9,009,724
-2.1
Corp. Income Tax
37,448,057
35,616,000
1,832,057
5.1
50,277,525
40,520,000
9,757,525
24.1
Misc. Taxes
31,297,255
27,744,000
3,553,255
12.8
56,896,532
55,073,000
1,823,532
3.3
Total Net
$352,198,248
$348,138,000
$4,060,248
1.2

$880,704,046

$888,542,000
-$7,837,954
-0.9

*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.