Ohio Overcomes Short Tax Collections with Surplus
In spite of tax collections coming in short for nearly all of the fiscal year that just ended, the state says it ended the year with a surplus.
Budget Director Tim Keen had predicted several times a positive ending balance for the fiscal year. And the state finished with what he wanted, a small cushion of just under $171 million. Keen says even though tax collections were nearly a billion dollars below estimates, a carryover balance from the start of the year helped.
“About $460 million that we were able to use, along with our under spending in a variety of places to be able to finish the year in the black.”
Keen says Medicaid led that under-spending, but he and other Kasich administration officials have been warning that lawmakers’ actions on the new budget have left that program with too little money for the next two years.