Ohio Tax Revenues Beating Estimates by $1.5 billion
Ohio's budget director Tim Keen told a budget compromise committee Wednesday that tax revenues were up $1 billion over estimates for the fiscal year that ends this month and $421 million for the next two-year budget cycle. The current-year boost comes from stronger income tax filings, as the state looks to recover from the worst recession since the Great Depression.
Keen cautioned state lawmakers that most of the added revenue had already been accounted for. This year's dollars will go toward Medicaid, property tax relief and payments to universities among other state obligations. He says lawmakers have spent the future increases in the budget.
Keen recommends any surplus be put in Ohio's rainy day fund.