FOR IMMEDIATE RELEASE:
November 10, 2014

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

General Fund Receipts — October 2014

LINCOLN — October Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for October were $286 million, which is 5.3% below the certified forecast of $302 million.

• Sales and Use:
    1.8% above forecast
• Individual Income:
    7.9% below forecast
• Corporate Income:
    5.8% above forecast
• Miscellaneous:
170.9% below forecast

October Tax Refunds: Tax refunds for October were $63 million, which is 10.0% above the certified forecast of $58 million.

October Net Receipts: Net receipts for October were $222 million, which is 8.9% below the certified forecast of $244 million.

• Sales and Use:
    2.7% above forecast
• Individual Income:
  13.0% below forecast
• Corporate Income:
    8.6% below forecast
• Miscellaneous:
171.0% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-2015 were $1.281 billion, which is 1.2% above the certified forecast of $1.266 billion.

• Sales and Use:
    4.5% above forecast
• Individual Income:
    3.9% below forecast
• Corporate Income:
  39.1% above forecast
• Miscellaneous:
  16.7% 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. On October 31, 2014, the Board met and revised the forecast for the current fiscal year upward by $62 million to $4.282 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, 2014.

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

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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
September 463,293,528 427,835,405 35,458,123 8.3 1,058,345,537 1,021,199,282 37,146,255 3.6
October 222,458,009 244,313,476 -21,855,467 -8.9 1,280,803,546 1,265,512,758 15,290,788 1.2

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

 

October
Actual

October
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$177,618,120 $174,401,254 $ 3,216,866
1.8
$  709,933,757
$ 708,036,396
$ 1,897,361 0.3
Ind. Income Tax
95,096,371
103,279,898
-8,183,527
-7.9
617,720,714
636,336,801
-18,616,087
-2.9
Corp. Income Tax
18,124,481
17,137,777
986,704
5.8
111,210,054
82,076,621
29,133,433
35.5
Misc. Taxes
-5,031,792
7,094,726
-12,126,518 -170.9
58,867,169
70,735,986
-11,868,817
-16.8
Total Gross
$285,807,180
$301,913,654
-$16,106,474
-5.3
$1,497,731,695
$1,497,185,804
$   545,890 0.0
Refunds
Total Refunds

$63,349,171

$57,600,178
$5,748,993
10.0
$216,928,149
$231,673,047
-$14,744,898
-6.4
Net Receipts
Sales & Use Tax
$134,257,286
$130,741,828
$ 3,515,459
2.7
$  541,983,393
$ 518,559,142
$23,424,251
4.5
Ind. Income Tax
81,405,852
93,549,507
-12,143,654
-13.0
582,704,453
606,340,013
-23,635,560
-3.9
Corp. Income Tax
11,826,758
12,935,829
-1,109,072
-8.6
97,249,185
69,912,365
27,336,820
39.1
Misc. Taxes
-5,031,887
7,086,313
-12,118,200
-171.0
58,866,514
70,701,237
-11,834,723
-16.7
Total Net
$222,458,009
$244,313,476
-$21,855,467
-8.9

$1,280,803,546

$1,265,512,758
$15,290,788
1.2


*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.