State ends FY23 with revenues nearly $1B over estimates

From Hannah News Report 

According to the Office of Budget and Management (OBM), the state of Ohio ended FY23 on June 30 with tax revenues totaling $994.2 million or 3.6% above estimates for the year. 

The Personal Income Tax led the way for FY23, bringing in $645.1 million or 6.4% over estimates, for a total over the year of nearly $10.8 billion. It was followed by the non-auto sales tax, coming in at nearly $110.6 million or 1.0% over estimates while bringing in a total of nearly $11.5 billion for the year. The Commercial Activity Tax (CAT) ended the year nearly $82.9 million or 4.0% over estimates, with a total of nearly $2.2 billion for FY23. 

The auto sale tax brought in nearly $38.7 million or 2% over estimates for a total of nearly $2 billion for the year. 

Preliminary figures for June indicate the state saw revenues of nearly $153.5 million or 5.9% above the budgeted estimate. 

For the month, the non-auto sales tax collections were $10.3 million or 1% above the monthly estimate while the auto sales tax collections were nearly $11.1 million or 6.3% above estimate. The Personal Income Tax collections were nearly $59.8 million or 6.6% above estimate for the month and the Commercial Activity Tax performed above estimate by $113,000 or 0.7% in June.