FOR IMMEDIATE RELEASE:
December 10, 2014

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

General Fund Receipts — November 2014

LINCOLN — November Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for November were $411 million, which is 1.7% above the certified forecast of $404 million.

• Sales and Use:
    4.9% below forecast
• Individual Income:
    6.4% above forecast
• Corporate Income:
  44.4% above forecast
• Miscellaneous:
    8.8% below forecast

November Tax Refunds: Tax refunds for November were $69 million, which is 1.4% below the certified forecast of $70 million.

November Net Receipts: Net receipts for November were $342 million, which is 2.3% above the certified forecast of $335 million.

• Sales and Use:
    8.5% below forecast
• Individual Income:
    6.3% above forecast
• Corporate Income:
  279.1% above forecast
• Miscellaneous:
    9.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2014-2015 were $1.623 billion, which is 1.4% above the certified forecast of $1.600 billion.

• Sales and Use:
    2.1% above forecast
• Individual Income:
    1.3% below forecast
• Corporate Income:
  49.4% above forecast
• Miscellaneous:
  15.7% 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
November 342,333,466 334,625,141 7,708,325 2.3 1,623,137,012 1,600,137,898 22,999,113 1.4

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

 

November
Actual

November
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$166,763,452 $175,278,678 -$ 8,515,226
-4.9
$  876,697,210
$  883,315,075
-$ 6,617,865 -0.7
Ind. Income Tax
225,243,505
211,782,053
13,461,452
6.4
842,964,219
848,118,854
-5,154,635
-0.6
Corp. Income Tax
8,908,572
6,169,737
2,738,835
44.4
120,118,626
88,246,358
31,872,268
36.1
Misc. Taxes
10,095,535
11,063,847
-968,313 -8.8
68,962,704
81,799,834
-12,837,130
-15.7
Total Gross
$411,011,063
$404,294,315
$ 6,716,748
1.7
$1,908,742,758
$1,901,480,120
$ 7,262,638 0.4
Refunds
Total Refunds

$68,677,598

$69,669,175
-$991,577
-1.4
$285,605,747
$301,342,222
-$15,736,475
-5.2
Net Receipts
Sales & Use Tax
$110,630,417
$120,915,145
-$10,284,728
-8.5
$  652,613,810
$  639,474,287
$13,139,523
2.1
Ind. Income Tax
217,719,633
204,846,275
12,873,358
6.3
800,424,087
811,186,288
-10,762,202
-1.3
Corp. Income Tax
3,933,439
-2,196,138
6,129,577
279.1
101,182,624
67,716,227
33,466,398
49.4
Misc. Taxes
10,049,976
11,059,859
-1,009,883
-9.1
68,916,490
81,761,096
-12,844,605
-15.7
Total Net
$342,333,466
$334,625,141
$ 7,708,325
2.3

$1,623,137,012

$1,600,137,898
$22,999,113
1.4


*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.