FOR IMMEDIATE RELEASE:
November 10, 2011

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

GENERAL FUND RECEIPTS — OCTOBER 2011

LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for October were $263 million, which is 3.2% above the certified forecast of $255 million.

• Gross Sales and Use:    0.2% above forecast
• Gross Individual Income:  13.3% above forecast
• Gross Corporate Income:  18.6% below forecast
• Gross Miscellaneous:    9.4% above forecast

October Tax Refunds: Tax refunds for October were $40 million, which is 18.7% below the certified forecast of $49 million.

October Net Receipts: Net receipts for October were $223 million, which is 8.5% above the certified forecast of $205 million.

• Net Sales and Use:     4.7% above forecast
• Net Individual Income:   16.6% above forecast
• Net Corporate Income:     1.5% below forecast
• Net Miscellaneous:     9.5% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $1,103 million, which is 0.9% above the certified forecast of $1,094 million.

• Net Sales and Use:     1.0% below forecast
• Net Individual Income:     0.4% above forecast
• Net Corporate Income:

  19.7% above forecast

• Net Miscellaneous:     4.2% 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. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12.

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
October 222,675,821 205,211,000 17,464,821 8.5 1,103,379,866 1,093,753,000 9,626,866 0.9

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

  OCTOBER
ACTUAL
OCTOBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$155,306,861
$154,984,000
$ 322,861
0.2
$617,157,414
$618,786,000
-$1,628,586
-0.3
Ind. Income Tax
84,551,216
74,616,000
9,935,216
13.3
533,094,085
524,354,000
8,740,085
1.7
Corp. Income Tax
12,626,288
15,509,000
-2,882,712
-18.6
67,596,047
66,740,000
856,047
1.3
Misc. Taxes
10,316,498
9,428,000
888,498
9.4
67,216,671
64,537,000
2,679,671
4.2
Total Gross
$262,800,863 $254,538,000 $8,262,863 3.2 $1,285,064,217 $1,274,418,000 $10,646,217 0.8
REFUNDS
Total Refunds
$40,125,043 $49,326,000 -$9,200,957 -18.7 $181,684,350 $180,663,000 $1,021,350 0.6
NET RECEIPTS
Sales & Use Tax
$126,748,581
$121,064,000
$5,684,581
4.7
$476,119,294
$480,843,000
-$4,723,706
-1.0
Ind. Income Tax
77,317,377
66,301,000
11,016,377
16.6
501,476,653
499,470,000
2,006,653
0.4
Corp. Income Tax
8,293,532
8,423,000
-129,468
-1.5
58,571,057
48,943,000
9,628,057
19.7
Misc. Taxes
10,316,331
9,424,000
892,331
9.5
67,212,863
64,497,000
2,715,863
4.2
Total Net
$222,675,821
$205,211,000
$17,464,821
8.5

$1,103,379,866

$1,093,753,000
$9,626,866
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.