Week in Review: March 10, 2024

FY24-25 BUDGET

State tax revenues ran nearly 2% ahead of expectations in February and are just about on target for the fiscal year so far, according to preliminary revenue data from the Office of Budget and Management (OBM). Tax receipts reached $2.11 billion in February, $38.4 million or 1.2% over forecasts. The sales tax drove that trend, coming in $32 million or 3.5 percent ahead, yielding $954.2 million versus expectations of $922.2 million. The non-auto sales tax was ahead by $22.3 million or 2.8%, while the auto sales tax was up $9.6 million or 7.2%Income taxes missed the mark by $14.8 million or 5%, bringing in $278.2 million versus expectations of $293 million. The Commercial Activity Tax was close to the target, yielding $524.1 million and missing expectations by just $2.4 million or 0.4%.

CORONAVIRUS/MONKEYPOX

U.S. Centers for Disease Control and Prevention (CDC) Director Dr. Mandy Cohen recently endorsed a recommendation for adults age 65 and older to receive an additional dose of the updated COVID-19 vaccine. The agency said that acknowledges the increased risk of severe disease for older adults and currently available data on vaccine effectiveness. Senior citizens are "disproportionately impacted" by COVID-19, as over half of hospitalizations during October through December 2023 were people in that age group. The recommendation "allows older adults to receive an additional dose of this season's COVID-19 vaccine to provide added protection," Cohen said.

The CDC also recently updated its recommendations on how people can protect themselves and the community from respiratory viruses including COVID, flu and RSV. The updated guidance provides a "unified approach" to addressing those risks, according to the CDC, as there are now "far fewer hospitalizations and deaths associated with COVID-19." Cohen said that while progress has been made, "commonsense solutions" such as vaccination, treatment and staying home when sick are needed to protect against serious illness from respiratory viruses.

Since the pandemic began, there have been 3.73 million total cases, 150,599 hospitalizations, 15,767 ICU admissions and 43,772 Ohio resident deaths reported by the Ohio Department of Health (ODH).

ECONOMIC DEVELOPMENT

The JobsOhio Board of Directors met Thursday in Lima, with specific focus on military and federal issues given the presence of the Joint Systems Manufacturing Center (JSMC) there. Board Chair Josh Rubin opened by noting JobsOhio's efforts to ensure they benefit the entire state, with the Vibrant Communities Program a "great example" of that. President J.P. Nauseef added that JobsOhio is investing $300,000 through that program to renovate two buildings in downtown Lima. Rubin further voiced optimism about JobsOhio's pipeline of economic development projects, despite a slowdown in overall business deals, and noted their support for workforce development programs. He also said Allen County has seen nearly $1 billion in capital expenditures in the past five years. Other parts of Nauseef's report included reiterating the message this is "Ohio's time" and detailing how the state has recovered in economic development since 2011. He attributed that to the "industrious" workforce, competitive business climate and JobsOhio's efforts. Nauseef said Ohio was ranked second in jobs created by foreign direct investment, which is significant given reshoring efforts.

LIEUTENANT GOVERNOR

Opening the Governor's Executive Workforce Board meeting Tuesday, Lt. Gov. Jon Husted announced a new state resource aimed at helping connect those seeking a new career with the resources needed to achieve their career goals. The Ohio Career Navigator can be found at www.OhioMeansJobs.com. Husted said the tool is a collaboration between the Ohio Department of Job and Family Services (ODJFS), Ohio Department of Higher Education (ODHE), the Ohio Department of Education and Workforce (DEW) and the Ohio Business Roundtable's Attainment Coalition. He said the Career Navigator will be a central location for career exploration resources. He said many agencies already have a variety of programs and tools to assist people exploring a career, but the new tool will bring all of those together "in a robust tool."