FOR IMMEDIATE RELEASE:
June 10, 2014

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-5604

General Fund Receipts —May 2014

LINCOLN — May Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for May were $406 million, which is 1.2% below the certified forecast of $411 million.

• Sales and Use:
    0.9% above forecast
• Individual Income:
    3.8% below forecast
• Corporate Income:
    1.7% below forecast
• Miscellaneous:
  28.6% above forecast

May Tax Refunds: Tax refunds for May were $73 million, which is 19.2% above the certified forecast of $61 million.

May Net Receipts: Net receipts for May were $333 million, which is 4.7% below the certified forecast of $349 million.

• Sales and Use:
    6.7% below forecast
• Individual Income:
    6.2% below forecast
• Corporate Income:
  23.4% above forecast
• Miscellaneous:
  28.7% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $3.694 billion, which is 1.8% above the certified forecast of $3.628 billion.

• Sales and Use:
    1.7% above forecast
• Individual Income:
    0.8% above forecast
• Corporate Income:
  13.4% above forecast
• Miscellaneous:
    1.2% 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
March
350,418,319
312,844,044
37,574,275
12.0
2,878,380,203
2,758,084,358
120,295,844
4.4
April 482,691,430 520,373,169 -37,681,739 -7.2 3,361,071,313 3,278,457,527 82,613,786 2.5
May 332,936,184 349,444,824 -16,508,639 -4.7 3,694,007,497 3,627,902,351 66,105,146 1.8

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

 

May
Actual

May
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$163,290,000
$161,755,420 $1,534,579
0.9
$1,867,215,783
$1,837,583,540
$29,632,243 1.6
Ind. Income Tax
219,342,209
228,090,991
-8,748,782
-3.8
2,207,375,844
2,165,381,737
41,994,107
1.9
Corp. Income Tax
11,439,513
11,632,628
-193,116
-1.7
283,415,854
270,130,328
13,285,525
4.9
Misc. Taxes
11,805,206
9,179,317
2,625,889
28.6
184,126,666
186,335,375
-2,208,709
-1.2
Total Gross
$405,876,928
$410,658,357
$-4,781,429
-1.2
$4,542,134,147
$4,459,430,981
$82,703,167
1.9
Refunds
Total Refunds

$72,940,743

$61,213,533
$11,727,210
19.2
$848,126,650
$831,528,630
$16,598,020
2.0
Net Receipts
Sales & Use Tax
$112,243,109
$120,285,414
$ -8,042,305
-6.7
$1,398,968,580
$1,375,822,834
$23,145,746
1.7
Ind. Income Tax
197,925,758
211,100,028
-13,174,270
-6.2
1,858,717,942
1,843,354,064
15,363,878
0.8
Corp. Income Tax
10,962,190
8,885,026
2,077,164
23.4
252,254,176
222,471,391
29,782,785
13.4
Misc. Taxes
11,805,126
9,174,355
2,630,772
28.7
184,066,798
186,254,062
-2,187,264
-1.2
Total Net
$332,936,184
$349,444,824
$-16,508,639
-4.7

$3,694,007,497

$3,627,902,351
$66,105,146
1.8


*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.