FOR IMMEDIATE RELEASE:
November 10, 2010

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

GENERAL FUND RECEIPTS — October 2010

LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for October were $243 million, which is 1.0% below the certified forecast of $246 million.

• Gross Sales and Use:     0.2% above forecast
• Gross Individual Income:     8.1% below forecast
• Gross Corporate Income:     2.8% above forecast
• Gross Miscellaneous:   33.2% above forecast

October Tax Refunds: Tax refunds for October were $52 million, which is 12.6% above the certified forecast of $46 million.

October Net Receipts: Net receipts for October were $191 million, which is 4.2% below the certified forecast of $200 million.

• Net Sales and Use:     2.9% below forecast
• Net Individual Income:   10.0% below forecast
• Net Corporate Income:   16.2% below forecast
• Net Miscellaneous:   33.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $842 million, which is 1.1% below the certified forecast of $852 million.

• Net Sales and Use:     0.6% below forecast
• Net Individual Income:     1.4% below forecast
• Net Corporate Income:

  34.1% below forecast

• Net Miscellaneous:     8.9% above forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010. Receipts in this forecast are compared to the forecast certified in July. The Board then met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. This forecast will be certified later this month, and November receipts will be compared to the recertified forecast.

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 2010-2011*

 

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
$179,591,989
$198,645,000
-19,053,011
-9.6
$179,591,989
$198,645,000
-19,053,011
-9.6
August
321,595,200
313,026,000
8,569,200
2.7
501,187,189
511,671,000
-10,483,811
-2.0
September 340,792,100 339,933,000 859,100 0.3 841,979,289 851,604,000 -9,624,711 -1.1
October 191,162,664 199,526,000 -8,363,336 -4.2 1,033,141,952 1,051,130,000 -17,988,048 -1.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for October 2010 and Cumulative Fiscal Year 2010-2011*

  OCTOBER
ACTUAL
OCTOBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$149,204,927
$148,877,000
$327,927
0.2
$591,041,671
$595,091,000
-$4,049,329
-0.7
Ind. Income Tax
68,693,155
74,735,000
-6,041,845
-8.1
495,140,569
503,279,000
-8,138,431
-1.6
Corp. Income Tax
14,170,125
13,782,000
388,125
2.8
63,083,302
60,677,000
2,406,302
4.0
Misc. Taxes
11,293,792
8,479,000
2,814,792
33.2
73,020,252
67,096,000
5,924,252
8.8
Total Gross
$243,361,998 $245,873,000 -$2,511,002 -1.0 $1,222,285,793 $1,226,145,000 -$3,859,207 -0.3
REFUNDS
Total Refunds
$52,199,335 $46,347,000 $5,852,335 12.6 $189,143,841 $175,014,000 $14,129,841 8.1
NET RECEIPTS
Sales & Use Tax
$113,435,844
$116,778,000
-$3,342,156
-2.9
$459,671,724
$462,282,000
-$ 2,610,276
-0.6
Ind. Income Tax
60,493,881
67,183,000
-6,689,119
-10.0
472,048,062
478,673,000
-6,624,938
-1.4
Corp. Income Tax
5,939,396
7,089,000
-1,149,604
-16.2
28,405,991
43,104,000
-14,698,009
-34.1
Misc. Taxes
11,293,543
8,476,000
2,817,543
33.2
73,016,175
67,071,000
5,945,175
8.9
Total Net
$191,162,664
$199,526,000
-$8,363,336
-4.2

$1,033,141,952

$1,051,130,000
-$17,988,048
-1.7

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2010.