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Ohio Ends Fiscal Year with $800 Million Surplus, State Budget Director Says

Wednesday, July 2, 2014 at 5:19 PM

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Ohio Statehouse (ideastream file photo by Nick Castele)

The state ended the first half of the two-year budget in the black – in a big way. Statehouse correspondent Karen Kasler reports.

State budget director Tim Keen said the fiscal year ended with an $800 million surplus,

“We were able to close the year with tax receipts coming in modestly above estimate, about 1 percent above estimate, and spending, led by Medicaid spending, below the appropriated levels,” Keen said.

Keen said the money has been set aside to cover spending in the recently-signed budget update – which includes an acceleration of the personal income tax cut in last year’s budget and an increase in the tax cut for small businesses.

The budget update also allows for $76 million in tax credits for lower-income taxpayers. Democrats have said budget surpluses should go to offset cuts in local government and school spending.

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