Week in Review: Aug. 11, 2024

FY24-25 BUDGET

State tax collections reached $2.1 billion in July, the first month of FY25, according to preliminary figures released Thursday by the Office of Budget and Management (OBM). The preliminary information does not include any reported variances from estimates because OBM is working on updating its forecasts in the middle of the biennium. The new forecast is expected to be available in September, OBM Director Kim Murnieks told Hannah News. She said the budget office considers the possibility of an updated forecast at the turnover of every fiscal year but won't undertake a new forecast when the likely changes would be "immaterial." "I would say it probably happens at least half the time, and it is likely that we will make an update based on the most recent data that we saw through FY24, both on the revenue side and on the spending side," she said.

ECONOMY

The U.S. Bureau of Labor Statistics (BLS) reported the nation added 114,000 jobs in July, while the national unemployment rate rose to 4.3 percent, from 4.1 percent in June. BLS said the 114,000 jobs added was below the average monthly gain of 215,000 jobs over the past year. A year ago, the national unemployment rate was 3.5 percent. The number of unemployed people increased by 352,000 in July to 7.2 million. A year ago, the number of unemployed people was 5.9 million.

ELECTIONS

Secretary of State Frank LaRose announced Wednesday an expansion of his office's Public Integrity Division ahead of the November general election. The three new members of the division, who will bolster the office's investigative and law enforcement capabilities, include Hun Yi who will serve as director of investigations, leading a team responsible for probing allegations of election misconduct, fraud and irregularities; Marty Fellure who will serve as security administrator and special investigator, focusing on the physical security of the office's election administration infrastructure and assisting Ohio's 88 county boards of elections with physical security assessments and guidance; and Austin Miller will serve as law enforcement liaison and special investigator, overseeing external partnerships with law enforcement agencies and coordinating justice system awareness of the Safe at Home program, a victim confidentiality service managed by the secretary of state's office.

HOUSING/URBAN REVITALIZATION

The DeWine administration announced it is awarding $67.3 million in funds under the Building Demolition and Site Revitalization Program, with a total of 1,277 blighted structures to be torn down in nine counties. The program was launched in 2021 and helps local governments to remove dilapidated commercial and residential buildings, enabling revitalization to attract investments, businesses and jobs. All of Ohio's 88 counties could receive at least $500,000 and remaining funds are awarded on a first-come, first-serve basis. Wednesday's funding announcement includes projects in Butler, Clinton, Cuyahoga, Hamilton, Logan, Lucas, Muskingum, Preble and Richland counties. Since the program began, the Ohio Department of Development (DOD) has awarded over $200 million to support nearly 5,000 demolition projects.

LIEUTENANT GOVERNOR

Lt. Gov. Jon Husted told Hannah News Tuesday he does not anticipate the news Intel is cutting its overall workforce by 15 percent to affect the company's plans for Ohio, saying this is part of a change in Intel's "entire strategy as it relates to chip making." Intel CEO Pat Gelsinger announced the workforce reduction plans in a letter on Aug. 1, saying it is part of an effort to deliver $10 billion in cost savings in 2025. The reduction amounts to around 15,000 positions, with the goal to "align our cost structure with our new operating model and fundamentally change the way we operate."