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Tuesday, March 13, 2007

Ohio's March Financial Report: Tax Collections Beating YTD Forecast

COLUMBUS (TDB) -- The monthly financial report prepared by Ohio's budget office shows state tax revenues are running slightly ahead of estimates. Year-to-date spending is $717.2 million below projections. The data covers seven months of the fiscal year and was released earlier today, though dated March 10.

The highlights on taxes:

"At the end of February, tax revenues were $80.5 million (0.7%) above the year-to-date estimate. This variance was primarily driven by higher than expected corporate franchise tax receipts over the fiscal year. Versus FY 2006, and as expected due to the phase in of tax reform, FY 2007 GRF tax receipts have declined by $182.5 million (1.5%).

On spending:

"Most categories are spending less than expected after eight months of the fiscal year. However, health care spending was $459.8 million (6.7%) below estimate at the end of February and continues to drive under spending in total uses, which reached $717.2 million."

The report is for the governor and is 22 pages long. The first six pages are a national and regional rundown on the overall economy. After that, it is an in-depth look at the state's financial status.

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