For Immediate Release:
June 7, 2021
Office of Budget and Management Releases Preliminary May Revenue Data
(COLUMBUS, Ohio) -- The Office of Budget and Management (OBM) released May 2021 preliminary revenue data. Total General Revenue Fund tax receipts finished the month $744.7 million (34.1%) above the budgeted estimate.
Non-Auto Sales Tax collections were $151.0 million (18.1%) above the monthly estimate.
Auto Sales Tax collections were $18.5 million (12.1%) above estimate in May, the twelfth straight month in which that revenue category has exceeded estimate.
Personal Income Tax collections were $563.9 million (86.2%) above estimate for the month. The significant overage reflects the one-month postponement of tax year 2020 income tax return payments, from April 15 to May 17, which was not anticipated in the revenue estimate. This month’s result makes up for the negative variance in April.
The Commercial Activity Tax was below the monthly estimate by $3.7 million (-1.1%).
“As we begin to close state fiscal year 2021 and look ahead to the upcoming fiscal years 2022-2023 biennium, it is clear that Ohio’s strong measures to address the COVID-19 pandemic head on – both from a health and budget standpoint – worked. We must stay focused on the long term to maintain a structurally balanced budget so Ohio’s people and communities – and our state economy – continue to surge ahead,” 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 Thursday, June 10.