FOR IMMEDIATE RELEASE:
December 10, 2013

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

General Fund Receipts — November 2013

LINCOLN — November Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for November were $392 million, which is 5.6% above the certified forecast of $371 million.

• Gross Sales and Use:
    9.2% above forecast
• Gross Individual Income:
    2.5% above forecast
• Gross Corporate Income:
  10.7% above forecast
• Gross Miscellaneous:
    6.7% above forecast

November Tax Refunds: Tax refunds for November were $65 million, which is 9.4% above the certified forecast of $59 million.

November Net Receipts: Net receipts for November were $327 million, which is 4.9% above the certified forecast of $312 million.

• Net Sales and Use:
    8.8% above forecast
• Net Individual Income:
    1.5% above forecast
• Net Corporate Income:
  44.2% above forecast
• Net Miscellaneous:
    6.7% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $1.56 billion, which is 3.2% above the certified forecast of $1.51 billion.

• Net Sales and Use:
    2.9% above forecast
• Net Individual Income:
    3.6% above forecast
• Net Corporate Income:
  13.5% above forecast
• Net Miscellaneous:
    7.7% 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 October 24, 2013, the Board met and revised the forecast for the current fiscal year upward by $46 million to $4.067 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 230,928,322 229,163,79 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

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

 

November
Actual

November
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$174,140,783
$159,485,308
$14,655,475
9.2
$  855,955,153
$  833,393,939
$22,561,213
2.7
Ind. Income Tax
200,242,824
195,370,427
4,872,397
2.5
800,936,367
770,430,262
30,506,104
4.0
Corp. Income Tax
7,016,610
6,341,056
675,554
10.7
92,428,875
93,787,886
-1,359,010
-1.4
Misc. Taxes
10,622,479
9,959,736
662,743 6.7
70,890,884
76,890,983
-6,000,099
-7.8
Total Gross
$392,022,696 $371,156,527 $20,866,169 5.6 $1,820,211,278 $1,774,503,070 $45,708,209 2.6
Refunds
Total Refunds

$64,957,000

$59,395,613 $5,561,386 9.4 $262,906,887 $264,930,271 $-2,023,384 -0.8
Net Receipts
Sales & Use Tax
$125,244,590
$115,091,018
$10,153,572
8.8
$  645,510,138
$  627,326,387
$18,183,751
2.9
Ind. Income Tax
193,182,736
190,270,063
2,912,673
1.5
764,208,006
737,821,957
26,386,050
3.6
Corp. Income Tax
-1,983,908
-3,555,325
1,571,417
44.2
76,695,949
67,582,833
9,113,116
13.5
Misc. Taxes
10,622,279
9,955,158
667,121
6.7
70,890,299
76,841,623
-5,951,324
-7.7
Total Net
$327,065,697
$311,760,913
$15,304,783
4.9

$1,557,304,392

$1,509,572,799
$47,731,592
3.2
*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.