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October revenues come in $111.6 million over estimates

Written on Nov 11, 2022

Provided by Hannah News Service 

Ohio’s Office of Budget and Management (OBM) Monday announced that state revenues came in at $111.6 million or 5.1% over estimates for October. Driving the overage were sales (auto and non-auto) and personal income taxes which brought in $48.2 million and $43.7 million, respectively, over estimate. 

Specifically, those numbers break down as follows: 

- Non-Auto Sales Tax collections were $40.2 million or 4.3% above the monthly estimate. 

- Auto Sales Tax collections were $8.0 million or 5.2% above estimate. 

- Personal Income Tax collections were $43.7 million or 6.1% above estimate for the month. 

- The Commercial Activity Tax (CAT) performed above estimate by $10.4 million or 11.1%. 

The state collected a total of nearly $2.3 billion in October. For fiscal year 2023, which started on July 1, the state has collected a total of $9.1 billion or $349.8 million (4.0%) over estimates. 

Compared to a year ago, Ohio collected nearly $2.2 billion in October 2021 with a total of $8.6 billion collected for FY22. That means the state collected $483.6 million more in FY23 than a year ago.