COLUMBUS, Ohio — Ohio’s Office of Management and Budget reports that the state’s total tax revenue for the year to date has exceeded projections by 4.3 percent, with personal income taxes making up nearly half of the collections.
The higher-than-expected revenue reflects continued job growth and stable consumer spending, according to state budget officials. However, the report also noted that expenditures have risen compared to last year, particularly in Medicaid.
State disbursements for September exceeded estimates, with Medicaid payouts up nearly 15 percent over the same month last year. Officials attribute the increase to higher enrollment and the ongoing costs of healthcare services across the state.
Ohio’s budget analysts say the state remains on solid financial footing, but rising healthcare costs could present challenges in the months ahead.
