April revenues come in nearly $180 million below estimates

According to preliminary figures released by the Office of Budget and Management (OBM), April revenues came in $178.1 million or 6% below estimates. However, for the year-to-date, revenues exceed estimates by $626.6 million or 2.7%. 

The shortfall was driven by the Personal Income Tax which was $122.3 million or 8.2% below estimates. Both categories of the sales tax were also below estimates: the non-auto sales tax by $39.4 million or 3.7% and the auto sales tax by $25.9 million or 13.6% for a total sales tax shortfall of $65.3 million or 5.2%. 

The only major tax to come in above estimate was the Commercial Activity Tax by $4.8 million or 5.4%. 

OBM attributed “nearly all” of the personal income tax shortfall to timing “with some annual return tax receipts anticipated for April instead having been processed and booked in May.” Despite April’s being the month federal and state income taxes were due, the deadline was three days later than usual, falling on Tuesday, April 18 rather than Saturday, April 15. 

The personal income tax for the year remains above estimates by nearly $343.4 million or 4.0 percent, bringing in a total of $8.8 billion. The sales tax has brought in a total of $11.1 billion as compared to the estimated amount of nearly $11.0 billion. The auto and non-auto sales taxes are running nearly $144.3 million or 1.3% over estimates. 

“Ohio’s finances continue to be on stable ground. Through 10 months of the fiscal year, all major categories are performing above estimate and the budget is balanced,” said OBM Director Kimberly Murnieks in a prepared statement. 

Through the 10 months of FY23, a total of $23.4 billion has been collected, compared to $22.9 billion collected over the same period in FY22. 

April 2022 revenues were $575.1 million more than that recorded for this fiscal year which saw a total of nearly $2.8 billion collected compared to $3.3 billion a year ago.