State Revenues Stronger to Start Fiscal Year

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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