The nation and our economy is slowly on its way to recovery. Some of the progress made on this road to recovery is due to the rapid implementation of Federal stimulus programs and their success in creating and retaining jobs. On October 9, 2009, OBM completed reporting to the Federal government on ARRA funding, documenting that 13,550 jobs were created or retained as a result of ARRA program spending. The state of Ohio has disbursed $1.855 billion of the $1.905 billion received from The American Recovery and Reinvestment Act (ARRA) funds. During the month of October, there were 49 programs that received and disbursed federal funds. This is an increase of 8 programs since September. To view the programs that accounted for 85% of the revenue received and 86% of the funds disbursed, click here.

In Ohio, unemployment continues to be a major concern. The unemployment rate decreased slightly over the past month. As business activity increases, we anticipate that this rate may increase, as discouraged workers again begin to seek employment.

Revenue for the state, for the month of October, was generally in line with expectations, $18.4 million under estimate. However, the year-to-date receipts are $21.1 million over estimate. The weakness of the non-auto sales, public utility and kilowatt hour taxes have been offset by a slightly stronger than estimated performance in the personal income and cigarette taxes. The general revenue fund (GRF) was disbursed across all fund uses at 11.9% above estimate for the month of October. Over a year-to-date basis, the disbursements of the general revenue fund are only 1.5% above estimate. To see how the money was distributed through the GRF click here.

A presentation given to the Association of Government Accountants (AGA) representing state agencies, local government, and the private sector addressed the collaborative approach in internal controls on the distribution of stimulus funding. This meeting and presentation conveyed how the internally developed ARRA Hub draws from the state’s financial system (OAKS) to create federally required reports detailing the state’s use of ARRA funds. The presentation highlighted the internal control framework and identified efficient implementation of funds, transparency, and accountability of federal funding. To view the presentation in its entirety, click here.