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First Quarter FY 17 Update From Ohio Office of Budget and Management

October 10, 2016 |  ohio-budget


Director Tim Keen of the Ohio Office of Budget and Management (OBM) provided an update on the state’s fiscal year 2017 after a strong FY 2016, which marked the sixth consecutive year to end with a surplus of $29.5 million. The state’s rainy day totals $2.034 billion.   Looking ahead to the upcoming lame duck session in late fall, the director reported that the administration will not pursue any correction budget items in the remaining legislative session. In addition, he does not plan to pursue nor does he anticipate any additional appropriations before the end of the year. Furthermore, he reported that the state is continuing to experience a budget shortfall in the first quarter of FY 2017 of $72 million. While this is a concern, it does not pose a problem due to the underspending in the previous fiscal year.   There was promising news to report: September demonstrated a rebound from August, coming in $8.7 million over estimates. However, it does not offset the nearly $81 million under estimates in August. OBM has identified the shortfall, in part, due to effects of the personal income tax withholding, which he anticipates to see continue through the calendar year.   Year-to-date, the state has taken in $34.6 million less than in FY 16 ,with a total of $5.3 billion in tax revenue collected. The director reports a strong consumer confidence and anticipates seeing the auto sales tax rebound in October.


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