Ohio budget weathering well
Dec 08, 2011
The weather outside may be frightful, but Ohio’s budget situation is not. Tax receipts are exceeding estimates and spending is below the projections Gov. John Kasich and legislators made earlier this year.
The November report from the Office of Management and Budget showed that tax revenues for the general fund were up 1.6%, which is $96,135,000 above estimates made for the budget Kasich signed June 30.
State general fund revenues have been up primarily due to stronger than expected sales tax receipts, according to the budget office.
General fund expenditures were 2.6% below estimates. Expenditures may catch up though once some delayed spending catches up.
“The initial reaction here is that Ohio is doing well in comparison to other states in what has been — and will continue to be — a very challenging and uncertain economic climate,” Dave Pagnard, spokesman for state budget director Tim Keen, said in an email.
Ohio’s unemployment rate for October stood at 9% and has been at or above 9% in six of 10 months this year. Nationally, the October unemployment rate also stood at 9% and has been at or above that for eight of 10 months this year.