News
Positive Revenue Report Comes As Ohio Budget Deadline Looms
By: Associated Press
Posted on:
COLUMBUS, Ohio (AP) – Legislative budget negotiators in Ohio have received a rosy revenue report as they head into final talks on the spending bill facing a Sunday deadline.
The Office of Budget and Management told a conference committee Tuesday that it expects tax revenue for the current fiscal year to beat its projections by $359 million.
The office also adjusted upward its revenue projections for the two-year budget cycle that begins Monday, with $116 million more expected in the first year and $73 million more expected in the second.
Gongwer News Service reports that Budget Director Kimberly Murnieks described it as the “April surprise.”
Legislative analysts’ projections were similarly positive.
Legislative Service Commission Director Mark Flanders said his agency’s updated forecasts include significantly higher general tax revenues and lower Medicaid costs.