State revenue deficit quickly disappearing...

[eomaha]

Now... I'll always be the first one to liberally volunteer my taxes for the state budget and school funding... the Qwest Center if need be... but (okay, only somewhat related to this story) I'm a little annoyed that property valuations go up substantially in a given year for thousands in the metro ($30k in my case) ... yet, we're led to believe the districts are still having budget problems (coincidentally... District 66 announces they'll give all high school students laptops?). Wouldn't you think these huge jumps in property values and subsequent valuations for tax purposes... would in turn allow some tax levy relief?

Anyway... on to the good news...

Good news for Nebraska in tax receipts
From the World Herald...

LINCOLN - After four months of better-than-expected tax receipts, Nebraska's budget gurus are willing to say that the state's financial situation is looking brighter.

State Tax Commissioner Mary Jane Egr released a monthly report Thursday that showed May's net tax receipts were 8.6 percent, or $19 million, above the $221 million predicted for the month. With only one month remaining in the fiscal year, the state now has collected $100 million more than lawmakers expected when they last adjusted the $5.4 billion budget for 2003-05.

"It's good news," said Legislative Fiscal Analyst Mike Calvert. "It's very plausible that we'll end the year $100 million ahead of the last forecast on receipts."

It's money much needed, said State Budget Director Gerry Oligmueller.

The Legislature adjourned in April after approving a budget that fell about $154 million short of the state's 3 percent general fund reserve requirement.

Somewhat like a minimum balance requirement for a checking account, the governor and the Legislature are supposed to figure a 3 percent cushion into the state's two-year budget so funds will be available during periods of low cash flow.

"We needed tax receipts to exceed (revenue) forecasts to begin building in the required 3 percent minimum operating reserve," Oligmueller said. "This is good news. Our situation would only be exacerbated if receipts came in at or below forecasts."

Calvert and Revenue Department Analyst David Dearmont said it's reasonable to expect tax receipts to continue to run ahead of forecasts in the coming year.

Gov. Mike Johanns is out of the country until next week on a trade mission to China. Spokeswoman Regan Anson released a cautiously optimistic statement on his behalf.

"The governor continues to be encouraged by the numbers, which seem to signal that Nebraska's economy is on the mend," she said. "The end of the fiscal year is just around the corner, and he looks forward to getting a more complete picture of the state of our economy at that time."

The $2.47 billion collected so far this fiscal year is a 9.7 percent increase from the $2.25 billion collected by this time in the 2002-03 fiscal year. It includes additional collections resulting from income, sales and other tax increases that took effect in the past year.

Individual income tax collections came in at 8 percent above projections in May, and sales taxes came in at 3 percent above projections. Dearmont said higher wages and increased employment have contributed to the higher income tax collections, as well as the income tax rate increase.

In May, employers withheld 3.5 percent more income taxes on behalf of workers than projected. However, income tax refunds were 19 percent lower than projected, reflecting that many taxpayers had to pay in more than they expected when they filed their 2003 tax returns.

[DTO Luv]

I wonder how much of this revenue is from the economic engine of Nebraska that is Omaha. I read an article a few Saturdays ago that said Nebraska's econimic recovery would be good for Omaha and areas around Omaha. It also said areas further removed would see little economic impact. It's sad that the rest of Nebraska loathes us so much when we help them more than I would like. YAY for Nebraska, but if it didn't have Omaha it would be South Dakota.

[StreetsOfOmaha]

Omaha's not in Nebraska! What are you talking about?

But, yeah. I agree.

[DTO Luv]

I think Omaha is Iowa's largest city isn't it? They seem to appreciate us. It's good that Nebraska has more revenue. But since the Lincoln writers didn't mention where this revenue came from, it proves that big, bad Omaha had a large part of it. The silence of that article speaks volumes.

[jays25ks]

Iowa appreciates us!?!?!?! What is that? The only highway sign identifying omaha is along i-29 going southboud near the mormon bridge. When driving west from Davenport the signs say DM 85mi Denver 425.(not real #). No Omaha included. That state does not respect us at all!

[DTO Luv]

Look around at some license plates while driving. You will see much more Iowa out of town plates than Nebraska out of town plates. You'll see Iowa plates from here to Des Moines. If you think about the same distance west in Nebraska you wont see many high numbered county plates. From Nebraska you'll usually only see 6 (Saunders), 20 (Cass), and 29(Washington). And that's because they are part of the Metro. Iowans have Omaha and Des Moines to choose from so they aern't afraid of cities like the people of Nebraska.

And Davenport is to far away to apprecite us.