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