FOR IMMEDIATE RELEASE:
March 12, 2014

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

General Fund Receipts —February 2014

LINCOLN — February Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for February were $435 million, which is 6.2% above the certified forecast of $410 million.

• Sales and Use:
    3.0% below forecast
• Individual Income:
    9.9% above forecast
• Corporate Income:
  38.6% above forecast
• Miscellaneous:
  26.8% above forecast

February Tax Refunds:Tax refunds for February were $176 million, which is 4.9% above the certified forecast of $168 million.

February Net Receipts: Net receipts for February were $258 million, which is 7.1% above the certified forecast of $241 million.

• Sales and Use:
    3.2% below forecast
• Individual Income:
    9.3% above forecast
• Corporate Income:
101.8% above forecast
• Miscellaneous:
  26.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $2.528 billion, which is 3.4% above the certified forecast of $2.445 billion.

• Sales and Use:
    1.8% above forecast
• Individual Income:
    3.9% above forecast
• Corporate Income:
  17.6% above forecast
• Miscellaneous:
    4.2% 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 February 28, 2014, the Board met and revised the forecast for the current fiscal year upward by $82 million from the certified forecast to $4.103 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.

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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 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
229,163,799
1,764,523
0.8
1,230,238,695
1,197,811,886
32,426,809
2.7
November
327,065,697
311,760,913
15,304,783
4.9
1,557,304,392
1,509,572,799
47,731,592
3.2
December
348,464,354
346,113,919
2,350,436
0.7
1,905,768,746
1,855,686,718
50,082,028
2.7
January
363,606,321
348,071,825
15,534,496
4.5
2,269,375,067
2,203,758,543
65,616,524
3.0
February 258,546,497 241,481,771 17,064,726 7.1 2,527,961,563 2,445,240,314 82,721,249 3.4

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

 

February
Actual

February
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$150,541,940
$155,179,166 -$ 4,637,227
-3.0
$1,376,566,226
$1,354,077,659
$22,488,566
1.7
Ind. Income Tax
255,941,053
232,951,970
22,989,083
9.9
1,411,825,329
1,357,446,921
54,378,408
4.0
Corp. Income Tax
14,808,826
10,681,927
4,126,899
38.6
174,125,107
166,763,079
7,362,028
4.4
Misc. Taxes
13,713,948
10,812,421
2,901,527
26.8
107,220,037
111,982,823
-4,762,786
-4.3
Total Gross
$435,005,767
$409,625,485
$25,380,283
6.2
$3,069,736,698
$2,990,270,483
$79,466,215
2.7
Refunds
Total Refunds

$176,459,271

$168,143,714
$8,315,557
4.9
$541,775,135
$545,030,169
-$3,255,034
-0.6
Net Receipts
Sales & Use Tax
$103,752,447
$107,140,147
-$ 3,387,700
-3.2
$1,030,391,155
$1,011,988,125
$18,403,031
1.8
Ind. Income Tax
127,989,684
117,047,990
10,941,695
9.3
1,241,001,267
1,194,330,998
46,670,270
3.9
Corp. Income Tax
13,091,170
6,487,674
6,603,496
101.8
149,407,512
127,004,321
22,403,192
17.6
Misc. Taxes
13,713,195
10,805,961
2,907,234
26.9
107,161,628
111,916,871
-4,755,242
-4.2
Total Net
$258,546,497
$241,481,771
$17,064,726
7.1

$2,527,961,563

$2,445,240,314
$82,721,249
3.4

Note to January 2014 General Fund Receipts
: A $320 reduction to miscellaneous taxes and a corresponding $320 increase to income tax was made to the January General Fund Receipts press release.

Note to November 2013 General Fund Receipts
: A $40,000 increase was made to miscellaneous tax due to an error in the November 2013 General Fund Receipts press release.

*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.