State Revenues Continue Strong Performance
The Ohio Office of Budget and Management (OBM) released March state revenue figures, which again show that tax collections are well ahead of the levels predicted when the budget bill passed last summer. Total tax receipts in March of $1.35 billion were $78 million or 6% above the monthly estimate, according to OBM. Leading the way was the personal income tax, which was $68 million or 15.5% above the projection. For the fiscal year to date (9 months), total tax revenues are $265 million (2%) above estimate. By comparison, the state through 9 months has collected a billion dollars more in tax revenue in Fiscal Year 2012 than in Fiscal Year 2011, although that figure is distorted because the state now is keeping commercial activity tax revenue that previously was funneled to local government. Nonetheless, the combined Fiscal Year 2012 intake from the personal income and sales taxes is more than $600 million above the Fiscal Year 2011 level.