Ohio Revenues Slightly Up, But Income Tax Revenues are Down
The state is off to a better than expected fiscal year with revenues coming in slightly higher than estimates. The new fiscal year is seeing the continuation of at least one downward trending revenue source.
The revenue from personal income tax came in about $5 million short, or 0.8 percent of estimates, according to a preliminary report from the Office of Budget and Management.
Director Tim Keen said, especially given this is the first report of the new fiscal year, that dip doesn’t cause a lot of concern yet.
“It is a very small number, and we’ll keep an eye on it over the course of the year," he said.
The state also saw the alcoholic beverage revenue miss the mark by $1.6 million, almost one-third less than estimates. That source has consistently fallen short, but as Keen noted, it’s a very small contribution to the General Revenue Fund.
Total tax receipts came in slightly above estimates.
The state saw similar dips in sources on a month-to-month basis last fiscal year, but Ohio still had a surplus in the end.