Sunday, August 20, 2017

Total Revenues Continue to Run below Estimates; Auto Sales Tax Posts Positive February Total

As had been predicted, Ohio's revenues continued coming in under estimates for the month of February -- this time $23.5 million below projected income, taking the fiscal year's shortfall to nearly $411.7 million, according to preliminary figures released Monday by the Office of Budget and Management (OBM).

The biggest contributor to the monthly shortfall was the personal income tax which was $76.9 million or 27.5 percent below estimates. Also below estimates for the month was the non-auto sales tax which was $12.4 million or 1.9 percent under; the financial institutions tax at $12.2 million or 26.6 percent under; and the Commercial Activity Tax at nearly $25.5 million or 8.7 percent under.

The auto sales tax, however, produced $12.2 million or 14.4 percent more than anticipated for February, bringing its year-to-date total to just slightly more ($48,000) than had been anticipated. A total of $888.5 million has been collected through this tax so far this fiscal year.

February's total revenue was $1.5 billion, bringing the year-to-date collected to $14.4 billion. That is 2.8 percent below the expected total of $14.8 billion.

At this time last year, the state had collected nearly $14.5 billion or $57.7 million more than in FY17. However, comparing February to February, this year saw the state collect $116.1 million than a year ago.
Story originally published in The Hannah Report on March 6, 2017.  Copyright 2017 Hannah News Service, Inc.


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