Ohio’s Office of Budget and Management (OBM) this week estimated the state’s looming budget deficit for the coming fiscal year, FY 2021, to be $2.5 billion. OBM Director Kimberly Murnieks announced a number of steps to curb personnel costs, including pay cuts and step freezes. These follow adjustments announced in early May by Gov. Mike DeWine to address the budget shortfall for the current fiscal year, which ends on June 30.
While Gov. Mike DeWine has ruled out an income tax increase, there are increasing concerns that the growing state deficit could result in increased taxes on businesses — or rescinded business tax credits. The OMA will continue to monitor the situation. 6/2/2020