For Immediate Release:
April 6, 2021
Office of Budget and Management Releases Preliminary March Revenue Data
(COLUMBUS, Ohio) -- The Office of Budget and Management (OBM) released March 2021 preliminary revenue data. Total General Revenue Fund tax receipts finished the month $41.4 million (2.6%) above the budgeted estimate.
Non-Auto Sales Tax collections were $1.3 million (-0.2%) below—essentially even with—the monthly estimate.
Auto Sales Tax collections were $32.3 million (23.5%) above estimate in March, the tenth straight month in which that revenue category has exceeded estimate.
Personal Income Tax collections were $38.4 million (-6.8%) below estimate for the month, due to timing. Because the opening of the federal filing season was delayed until mid-February, Ohio tax refunds were below estimate during January and February. Refund payments are now catching up.
The Commercial Activity Tax was above the monthly estimate by $11.1 million (118.0%) placing Ohio now above estimate for the fiscal year-to-date.
“With spring here and as we enter the final quarter of the fiscal biennium, OBM continues to closely monitor revenues and economic indicators in real time. Ohio’s strong vaccine roll-out and our continued COVID mitigation strategies are the keys to beating the global pandemic and growing our local economies,” 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 Monday, April 12.