Ohio Ends Fiscal Year With $4.3 Billion Surplus

The State of Ohio’s Fiscal Year 2022 ended June 30. It was “absolutely the strongest year on record” from a fiscal perspective, according to Office of Budget and Management Director Kimberly Murnieks. OBM’s latest monthly financial report shows the state’s total revenues for the fiscal year were up 12% over estimates, or $4.3 billion.

Tax receipts finished $2.7 billion (10.8%) above estimates and $1.7 billion (6.4%) over the previous year, OBM reported. Personal income tax collections accounted for much of the surplus, finishing $1.9 billion (20.8%) above the forecast. The Commercial Activity Tax took in $196.1 million (10.9%) above estimates. 7/13/2022