State Surplus Deposited in Rainy Day Fund

June 30 marked the end of the state’s 2018 fiscal year. This week Governor Kasich’s administration deposited $657 million of excess funds into the state’s budget stabilization fund.

The balance in the state’s savings account now sits at $2.7 billion. Ohio lawmakers are constitutionally required to run a balanced budget and Senate President Larry Obhof issued a statement touting the benefits of responsible budgeting and conservative policies.

Budget Director Tim Keen said in a press release, “The fiscal condition of the state is strong. We finished the year with a larger ending balance than planned due to state spending that came in below projections and income tax revenues that came in above projections. This makes it possible … to make a deposit into the Budget Stabilization Fund.”

The budget director also noted that when the Kasich administration came to office in 2011, it inherited a depleted reserve fund of only 89 cents. 7/12/2018