According to reports from the Ohio Office of Budget and Management, Ohio closed fiscal year 2013 with a surplus of $2.268 billion. The surplus was mainly due to a positive $1.088 billion difference in actual expenditures compared to estimates and tax receipts exceeding estimates by $671million.
Comparison to Budget
Revenues: Tax receipts were $671 million greater than budget estimates for the fiscal year. Personal income tax receipts comprised the bulk of the difference, totaling $537.8 million more than budget.
Expenditures: Public Assistance and Medicaid accounted for the bulk of the variance in spending. Total spending in this category was $933 million less than budget.
Comparison to Last Year
Revenues: Tax receipts were $2.010 billion greater than fiscal year 2012. Personal income tax ($1.075 billion), CAT ($372.8 million) and sales and use tax ($357.8 million) were the main sources of revenue that exceeded prior- year receipts.
Expenditures: Spending for fiscal year 2013 was $836 million more than fiscal year 2012. Spending significantly increased in Public Assistance and Welfare ($329 million), debt service ($451.8 million) and primary and secondary education ($116.3 million).
The disposition of the ending fund balance is governed by the Ohio revised code. A carryover balance of 0.5%, or $147.8 million, will become the starting balance for fiscal year 2014. The Budget Stabilization fund will receive $995.9 million; and $963.1 million will be carried over to fiscal year 2014 to accelerate the permanent income tax cuts.
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