State Revenue Picture Continues Improvement
Figures released by the Strickland Administration this week show that the state’s fiscal performance in August was better than had been projected by the Office of Budget and Management. Total tax receipts for August and for the year were $50 million above estimate, and were $108 million higher than August 2009. Total sources of revenue were actually below estimate, but that is because state Medicaid spending is lower than budgeted and as a result, so are federal matching funds for Medicaid services. In particular, personal income tax collections are $16 million higher than projected and sales tax revenues are $38 million above estimate. Detailed reports on the spending side are not yet available.