FOR IMMEDIATE RELEASE:
November 12, 2013

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

General Fund Receipts — October 2013

LINCOLN — October Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for October were $286 million, which is 0.7% above the certified forecast of $284 million.

• Gross Sales and Use:
    1.6% above forecast
• Gross Individual Income:
    5.2% above forecast
• Gross Corporate Income:
  15.6% below forecast
• Gross Miscellaneous:
  33.4% below forecast

October Tax Refunds: Tax refunds for October were $54.8 million, which is 0.5% above the certified forecast of $54.5 million.

October Net Receipts: Net receipts for October were $231 million, which is 0.8% above the certified forecast of $229 million.

• Net Sales and Use:
    2.7% above forecast
• Net Individual Income:
    2.3% above forecast
• Net Corporate Income:
    7.8% below forecast
• Net Miscellaneous:
  33.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $1.23 billion, which is 2.7% above the certified forecast of $1.20 billion.

• Net Sales and Use:
    1.6% above forecast
• Net Individual Income:
    4.3% above forecast
• Net Corporate Income:
  10.6% above forecast
• Net Miscellaneous:
    9.9% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013. On October 24, 2013, the Board met and revised the forecast for the current fiscal year upward by $46 million to $4.067 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 11, 2013.

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 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7
September 426,483,667 399,648,227 26,835,440 6.7 999,310,372 968,648,087 30,662,286 3.2
October 230,928,322 229,163,79 1,764,523 0.8 1,230,238,695 1,197,811,886 32,426,809 2.7

Comparison of Actual and Projected General Fund Receipts by Tax Type
for October 2013 and Cumulative Fiscal Year 2013-2014*

 

October
Actual

October
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$168,099,305
$165,386,728
$2,712,577
1.6
$  681,814,370
$  673,908,632
$ 7,905,738
1.2
Ind. Income Tax
96,468,622
91,657,598
4,811,024
5.2
600,693,542
575,059,835
25,633,707
4.5
Corp. Income Tax
16,282,412
19,303,115
-3,020,702
-15.6
85,412,265
87,446,830
-2,034,564
-2.3
Misc. Taxes
4,889,754
7,342,318
-2,452,564 -33.4
60,268,405
66,931,247
-6,662,842
-10.0
Total Gross
$285,740,093 $283,689,758 $2,050,335 0.7 $1,428,188,582 $1,403,346,543 $24,842,039 1.8
Refunds
Total Refunds
$54,811,771 $54,525,959 $285,812 0.5 $197,949,887 $205,534,657 $-7,584,770 -3.7
Net Receipts
Sales & Use Tax
$126,800,776
$123,504,235
$3,296,542
2.7
$  520,265,548
$  512,235,369
$ 8,030,179
1.6
Ind. Income Tax
86,710,836
84,745,745
1,965,091
2.3
571,025,270
547,551,894
23,473,376
4.3
Corp. Income Tax
12,527,121
13,588,893
-1,061,772
-7.8
78,679,856
71,138,158
7,541,698
10.6
Misc. Taxes
4,889,589
7,324,927
-2,435,338
-33.2
60,268,020
66,886,465
-6,618,445
-9.9
Total Net
$230,928,322
$229,163,799
$1,764,523
0.8

$1,230,238,695

$1,197,811,886
$32,426,809
2.7
*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.