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At-A-Glance Analysis of the State Budget Numbers

Source: 2013 Hannah News Service

This week, Hannah News takes a look at budget numbers -- all based on the testimony of Office of Budget and Management (OBM) Director Tim Keen before the House Finance and Appropriations Committee on Tuesday, Feb. 5 with clarification from OBM staff.

- $482.0 million or 1.8 percent of GRF revenues - amount currently in Ohio's Budget Stabilization Fund (BSF)

- $1.7 billion - anticipated surplus at end of FY13. That is the result of the following:

     - $432.0 million in additional revenue. This reflects the $500 million in JobsOhio/liquor 
        transfer, $260 million in additional revenue and $214.1 million in additional transfers minus
        significantly lower federal reimbursements (primarily from Medicaid underspending)
     - $552 million unencumbered ending fund balance for FY13
     - $723 million underspending -- primarily in Medicaid program.

- $1.7 billion surplus will be used as follows:

     - $146.1 million - GRF carryover to FY14
     - $167 million for 
               $120 million - interest on unemployment compensation loan from federal government
               $20 million - replenish emergency purposes fund
               $15 million - replenish disaster services fund
               $12 million - reserved for possible court judgments involving ODNR
     - $978.7 million - to BSF
     - $415.9 million - to Income Tax Reduction Fund for 4 percent income tax cut in CY13

Story originally published in The Hannah Report on February 11, 2013.  

Copyright 2013 Hannah News Service, Inc.

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