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State Revenues Stronger to Start Fiscal Year |
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State
Revenues Stronger to Start Fiscal Year
According to
the Ohio Office of Budget and Management (OBM), the state received more
revenue
in July 2010 than it did in July 2009. Tax revenues were $61.5 million
higher
than last year, and total sources of funds were $159.7 million higher.
Spending
was up from last year as well, by $53.5 million. These figures appear to
be
good news for the state budget. Normally, revenues and expenditures are
compared against budgeted amounts, or “estimates,” but OBM is in the
process of
recalculating the estimates for Fiscal Year 2011, so that comparison is
not
available. It also is not clear how the actual July revenues and
expenditures
compare to the original estimates used to construct the biennial budget.
Likewise, detailed expenditure reporting for Medicaid, which ended
Fiscal Year
2010 $560 million under estimate, is not yet available. Spending for SNF
care
last fiscal year was $55 million under budget; ICF/MR spending was
$677,000
under budget.
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