Effective November 6, 2019.
FOR IMMEDIATE RELEASE
November 6, 2019 – Columbus
Sales Tax Revenues Post Solid Numbers
Office of Budget and Management Releases Preliminary October Revenue Data
Tax Receipts Exceeded Estimates by 1.3 percent During Month
Today, the Office of Budget and Management released preliminary October 2019 revenue data. Total tax receipts finished the month $25.6 million over the OBM estimate for the month and also exceeded October 2018 total tax receipts by $66.8 million.
Total fiscal-year-to-date tax receipts through October currently exceed estimates by $97.0 million and are $285.3 million over total receipts through the same period last fiscal year.
“The consumer side of the economy is steady and strong,” said Director Kim Murnieks. “We’ve had a successful first month of collection for the online sales tax which levels the playing field between online retailers and brick and mortar stores by requiring both to pay the mandated sales tax on products.”
- The earnings on investments significantly exceeded estimates by 50.2%, or $13.8 million.
- For sales categories in October, non-auto exceeded the estimate by $43.4 million while auto exceeded the estimate by $8.0 million.
- While employee withholding solidly exceeded estimate by $20.4 million (2.6%), higher than estimated refunds caused the personal income category to finish the month $20.6 million (2.8%) below estimate – with actual Year-To-Date revenues essentially even with OBM’s estimates.
A more detailed explanation will be included in the Monthly Financial Report, which will be posted on the OBM website on Tuesday, November 12. Director Murnieks is available to speak with media members regarding the preliminary revenues today. Please contact Pete LuPiba at 614-466-6573.
(Tables 1 and 2 are available within full download)