FOR IMMEDIATE RELEASE:
December 9, 2011

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

GENERAL FUND RECEIPTS — NOVEMBER 2011

LINCOLN — November Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for November were $356 million, which is 2.5% below the certified forecast of $365 million.

• Gross Sales and Use:    0.7% above forecast
• Gross Individual Income:    3.5% below forecast
• Gross Corporate Income:  17.9% above forecast
• Gross Miscellaneous:  41.8% below forecast

November Tax Refunds: Tax refunds for November were $51 million, which is 5.9% below the certified forecast of $55 million.

November Net Receipts: Net receipts for November were $305 million, which is 1.9% below the certified forecast of $310 million.

• Net Sales and Use:     2.3% below forecast
• Net Individual Income:     2.3% below forecast
• Net Corporate Income:   86.5% above forecast
• Net Miscellaneous:   41.7% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $1,408 million, which is 0.3% above the certified forecast of $1,404 million.

• Net Sales and Use:     1.2% below forecast
• Net Individual Income:     0.4% below forecast
• Net Corporate Income:

  34.8% above forecast

• Net Miscellaneous:     1.8% below 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.

##

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
November 304,541,302 310,425,000 -5,883,698 -1.9 1,407,921,169 1,404,178,000 3,743,169 0.3

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

  NOVEMBER
ACTUAL
NOVEMBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$146,543,242
$145,478,000
$1,065,242
0.7
$ 763,700,656
$ 764,264,000
-$ 563,344
-0.1
Ind. Income Tax
197,117,382
204,200,000
-7,082,618
-3.5
730,211,467
728,554,000
1,657,467
0.2
Corp. Income Tax
6,590,692
5,591,000
999,692
17.9
74,186,739
72,331,000
1,855,739
2.6
Misc. Taxes
5,702,500
9,790,000
-4,087,500
-41.8
72,919,171
74,327,000
-1,407,829
-1.9
Total Gross
$355,953,816 $365,060,000 -$9,106,184 -2.5 $1,641,018,033 $1,639,478,000 $1,540,033 0.1
REFUNDS
Total Refunds
$51,412,514 $54,635,000 -$3,222,486 -5.9 $233,096,864 $235,298,000 -$2,201,136 -0.9
NET RECEIPTS
Sales & Use Tax
$108,219,912
$110,815,000
-$2,595,088
-2.3
$ 584,339,206
$ 591,658,000
-$7,318,794
-1.2
Ind. Income Tax
191,441,778
195,936,000
-4,494,222
-2.3
692,918,430
695,406,000
-2,487,570
-0.4
Corp. Income Tax
-822,817
-6,113,000
5,290,183
86.5
57,748,240
42,830,000
14,918,240
34.8
Misc. Taxes
5,702,430
9,786,000
-4,083,570
-41.7
72,915,292
74,283,000
-1,367,708
-1.8
Total Net
$304,541,302
$310,425,000
-$5,883,698
-1.9

$1,407,921,169

$1,404,178,000
$3,743,169
0.3

*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.