Tim Keen

An image of money.

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.

tax form

January was a huge month for the state’s personal income tax collections. The state’s budget office has been close on its forecasts so far this fiscal year, but last month was unusual.

Income tax collections for January were nearly 25% more than expected. Budget director Tim Keen says the federal tax reform passed in December won’t allow for future state and local tax deductions, so people may have filed quarterly estimated payments early.

photo of natural gas drilling pad

The state budget director is pushing back on a bill that environmental advocates and the oil and gas industry say would streamline the process of capping some 600 old oil and gas wells that don’t have owners. The bill would also triple the amount of money set aside to cap those wells. 

James St. John / creativecommons.org

An environmental group and an oil and gas industry lobbying group are both praising a bill that passed the Ohio House that would streamline the process of capping some 600 old, unused wells that don’t have owners. Statehouse correspondent Karen Kasler reports they also want more money put toward that process.

photo of Tim Keen

The state budget office’s forecasts of how much money will come in each month continue to be very close to reality, as of the totals from the first six months of this fiscal year.

Personal income tax revenues were off estimates by less than a million dollars, and the state is still up more than $27 million.  State Budget Director Tim Keen acknowledges all income, sales and other taxes were down almost $12 million last month, but the state is running a $17.5 million surplus.