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.