For Immediate Release:
February 8, 2021
Office of Budget and Management Releases Preliminary January Revenue Data
(COLUMBUS, Ohio) -- The Office of Budget and Management (OBM) released January 2021 preliminary revenue data. Total General Revenue Fund tax receipts finished the month $81.3 million (3.6%) above the budgeted estimate.
- Non-Auto Sales Tax collections were $31.5 million (3.5%) above estimate in January.
- Auto Sales Tax collections were $10.3 million (8.6%) above estimate in January, the eighth straight month in which that revenue category has exceeded estimate.
- Personal Income Tax collections were $71.5 million (7.2%) above estimate for the month. This result was driven by lower than anticipated tax refunds, likely due to delayed start of the federal income tax filing season, which typically begins in January, but this year was delayed to mid-February.
- The Commercial Activity Tax was below the monthly estimate by $13.3 million (-18.1%) and remains below estimate fiscal year-to-date. January is not a significant month for collections from this tax, but OBM will monitor this source with interest through February which is a far more important collections month.
“Last week, Governor Mike DeWine presented his Executive Budget, for fiscal years 2022 and 2023 to the General Assembly. The Governor’s budget is conservatively forecast, balanced, and does not raise taxes. The January revenues continue our path towards stable growth tied to beating the global pandemic – a solid start to our year of recovery,” said OBM Director Kimberly Murnieks.
A more detailed explanation of this data will be included in the Monthly Financial Report, which will be posted on the OBM website on Wednesday, February 10.