Ohio ended the fiscal year on June 30 with $1.54 billion (6.2%) more in tax revenue than originally forecast. Gongwer News reports that according to the Office of Budget and Management’s preliminary revenue tables, the state took in just under $26.5 billion in tax revenue over 12 months, compared to an estimate of $24.9 billion.
Compared to FY20, the state brought in $3.8 billion (17%) more in FY21.
State Budget Director Kimberly Murnieks said the variance could be attributed to a variety of factors, including soaring sales tax revenues. For the fiscal year, the sales-and-use tax beat estimates by more than $1 billion, or 9%, as the state collected nearly $12.2 billion in this category. 7/8/2021