OBM: Smaller Revenues Could Mark ‘New Stage’ in Economic Recovery

This week, the Ohio Office of Budget and Management released its monthly financial report for September 2020. It noted that General Revenue Fund (GRF) revenue — the largest funding source for the state — was “less exuberant” than in previous months, and that September “could be first evidence of a new stage in the economic recovery.”

At $2.9 billion, September’s GRF receipts were -4.9% below estimates. Tax revenues were 0.5% above projections, while non-tax receipts — largely driven by federal grants — and transfers were -13.7% below estimates. For the month, spending from the GRF was below estimates by $230.1 million (6.9%), largely due to Medicaid trends. 10/13/2020