Tim Keen

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FLICKR

State tax revenue came in very close to estimates in November. This is the second month in a row that forecasts have nearly been right on target.

Personal income tax revenue for November was up nearly $12 million, or 1.8 percent over estimates. And total tax revenue was up a half a point over the state budget office’s initial forecasts.

KAREN KASLER / STATEHOUSE NEWS BUREAU

After a tough year of forecasting last year, the state's budget projections turned out to be right on target for last month. 

 

The state budget office estimates for how much personal income tax revenue it would bring in for October were off by just $141,000. Several categories of taxes were up sharply, such as the commercial activity tax --  nearly 25 percent above estimates for the month. But total tax revenue for the month was down by $80 million or 3 percent, and for the year, it's $13 million off estimates - just one tenth of a percent.

photo of Ohio Statehouse
STATEHOUSE NEWS BUREAU

For the second month in a row, the state collected more income taxes than forecasts suggested it would. Statehouse correspondent Karen Kasler reports that’s quite a turnaround from last year, when the two-year state budget had to be trimmed as income taxes fell nearly $850 million short.

  

Personal income tax collections were up nearly 1 percent last month, and that means the state is running almost 3 percent above where it thought it would be in that category.

Ohio tax collections for the fiscal year that ended last month were more than $850 million off estimates. But the state ended the year with a balance of nearly $171 million. Statehouse correspondent Karen Kasler reports almost a third of that was transferred from 15 pools of money held within various state agencies.

photo of Tim Keen
OHIO OFFICE OF BUDGET AND MANAGEMENT

The state budget director took a lot of heat for tax collections that came in nearly a billion dollars below his projections.  That office is trying to make sure it doesn’t miss with its forecast for the new budget. But there are still a lot of economic uncertainties to deal with.

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