COLUMBUS (AP) — The state says Ohio finished in strong financial position at the end of the most recent fiscal year, a good sign for the upcoming two-year budget.
The Office of Budget and Management says state tax collections topped expectations by $651 million, or 2.9%, for the year ending in June. Overall collections stood at $34 billion for fiscal year 2019.
Gongwer News Service reports that the final tally for 2019 state taxes was also more than $1 billion higher than fiscal year 2018. Both income and sales tax collections were strong.
Ohio lawmakers were unable to finish work on the state’s $69 billion spending plan at the end of June and instead passed a bill providing temporary funding for 17 days.