First quarter of FY23 ends with $238 million over estimates

Hannah News Service 

State revenues for the month of September came in nearly $155.5 million or 7.2% over estimates, according to preliminary figures released Thursday by the Office of Budget and Management (OBM). That brings Ohio’s revenues to $238.2 million or 3.6% over estimates through the first quarter of FY23. 

The state has collected a total of $6,845.6 million over the three months compared to the estimate of $6,607.4 million. 

Leading the way in September 2022 was the personal income tax which came in nearly $114.6 million or 11.5% above estimate. Also over estimate for the month were the Commercial Activity Tax (CAT) by $15.0 million or 138% and the auto sales tax by $27.6 million or 18.4%. 

The non-auto sales tax, the state’s largest source of General Revenue Funds, however, was below estimate by nearly $9.5 million or 1.1%. Also below estimates was the cigarette and other tobacco tax which was nearly $5.4 million or 6.7% under an estimate of $80.2 million. 

For the fiscal year, the non-auto sales tax has brought in $2,747.7 million, $7.8 million or 0.3% over estimates. The auto sales tax, however, is running 7% over estimates, bringing in nearly $534.8 million. 

So far, the personal income tax has brought in a total of nearly $2,681.3 million or nearly $168.8 million or 6.7% over estimates. 

Compared to last year at this time, the state has brought in $136.4 million more than in September 2021. For the year-to-date, the state has brought in nearly $369.9 million more than in the first quarter of FY22. 

OBM Director Kimberly Murnieks commented in the release that, “Through the first quarter of state FY23, revenues continue to be robust and our budget is balanced.”