FOR IMMEDIATE RELEASE:
December 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 — November 2010

LINCOLN —November Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for November were $355 million, which is 4.5% above the certified forecast of $339 million.

• Gross Sales and Use:     0.5% above forecast
• Gross Individual Income:     7.5% above forecast
• Gross Corporate Income:   16.8% above forecast
• Gross Miscellaneous:     0.6% below forecast

November Tax Refunds: Tax refunds for November were $60 million, which is 12.7% above the certified forecast of $53 million.

November Net Receipts: Net receipts for November were $294 million, which is 3.0% above the certified forecast of $286 million.

• Net Sales and Use:     0.5% above forecast
• Net Individual Income:     7.1% above forecast
• Net Corporate Income:   72.9% below forecast
• Net Miscellaneous:     0.6% below 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:     0.1% above forecast
• Net Individual Income:     2.0% above forecast
• Net Corporate Income:

  22.1% below forecast

• Net Miscellaneous:     0.1% below forecast

The comparisons in this report are based on the revised 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. The Board met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. Receipts in this report are compared to the forecast that was recertified on November 10, 2010.

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
$179,592,000
0
0.0
$179,591,989
$ 179,592,00
0
0.0
August
321,595,200
321,595,000
0
0.0
501,187,189
501,187,000
0
0.0
September 340,792,100 340,792,000 0 0.0 841,979,289 841,979,000 0 0.0
October 191,162,664 191,163,000 0 0.0 1,033,141,952 1,033,142,000 0 0.0
November 294,317,381 285,861,000 8,456,381 3.0 1,327,459,333 1,319,003,000 8,456,333 0.6

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

  NOVEMBER
ACTUAL
NOVEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$137,497,296
$136,827,000
$ 670,296
0.5
$ 728,538,967
$ 727,869,000
$ 669,967
0.1
Ind. Income Tax
202,292,500
188,231,000
14,061,500
7.5
697,433,068
683,371,000
14,062,068
2.1
Corp. Income Tax
4,158,925
3,562,000
596,925
16.8
67,242,227
66,645,000
597,227
0.9
Misc. Taxes
10,599,362
10,663,000
-63,638
-0.6
83,619,614
83,684,000
-64,386
-0.1
Total Gross
$354,548,083 $339,282,000 $15,266,083 4.5 $1,576,833,876 $1,561,568,000 $15,265,876 1.0
REFUNDS
Total Refunds
$60,230,702 $53,421,000 $6,809,702 12.7 $249,374,543 $242,564,000 $6,810,543 2.8
NET RECEIPTS
Sales & Use Tax
$102,310,610
$101,811,000
$ 499,610
0.5
$ 561,982,334
$ 561,483,000
$ 499,334
0.1
Ind. Income Tax
192,906,507
180,043,000
12,863,507
7.1
664,954,569
652,092,000
12,862,569
2.0
Corp. Income Tax
-11,498,838
-6,652,000
-4,846,838
-72.9
16,907,153
21,753,000
-4,845,847
-22.3
Misc. Taxes
10,599,102
10,660,000
-60,898
-0.6
83,615,277
83,677,000
-61,723
-0.1
Total Net
$294,317,381
$285,861,000
$ 8,456,381
3.0

$1,327,459,333

$1,319,003,000
$ 8,456,333
-1.7

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the October 29, 2010 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on November 10, 2010.