FOR IMMEDIATE RELEASE
May 6, 2020 – Columbus
April Tax Revenues $866.5 million below Monthly Estimate
Office of Budget and Management Releases Preliminary April Revenue Data
The Office of Budget and Management released preliminary April 2020 revenue data. Total General Revenue Fund tax receipts finished the month $866.5 million (-35.3%) below estimate.
Total fiscal-year-to-date tax receipts through April are below estimate by $777.0 million (-4.0%) and are $540.9 million (-2.8%) below total tax receipts through the same period last fiscal year.
- April sales and use tax revenues missed estimates by 24.0 percent ($236.7 million, split between non-auto sales and use taxes which were $146.2 million below estimate and auto sales and use taxes which were $90.5 million below estimate). Through April, fiscal year-to-date revenues are below estimate by $159.3 million (-1.8%). But because both sales tax categories performed above estimates up until the global pandemic COVID-19, fiscal year-to-date sales tax receipts are stronger than they would have been otherwise.
- April income tax revenues missed estimate by 50.5 percent ($635.7 million). Fiscal year-to-date income tax receipts are below estimate by $675.7 million (-9.2%).
Given these GRF revenues, Governor DeWine announced actions to balance the fiscal year 2020 State Budget, including GRF reductions totaling $775 million and reductions to non-GRF line items as well.
A more detailed explanation on state revenues will be included in the Monthly Financial Report, which will be posted on the OBM website on Monday, May 11.
Office of Budget and Management Director Kimberly Murnieks will hold a media availability on Wednesday, May 6 at 10 a.m. to provide an overview of the reductions in the State Budget for Fiscal Year 2020.
Phone Number 1-614-721-2972
Conference Call ID 101 338 805#