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Preliminary Revenue Data - February 2020

FOR IMMEDIATE RELEASE  

March 5, 2020 – Columbus

 

February Tax Revenues $111.0 million above Monthly Estimate

Office of Budget and Management Releases Preliminary February Revenue Data

 

Today, the Office of Budget and Management released preliminary February 2020 revenue data. Total General Revenue Fund tax receipts finished the month $111.0 million (7.2%) above estimate.

Total fiscal-year-to-date tax receipts through February exceed estimate by $249.0 million (1.6%) and are $475.2 million (3.1%) over total tax receipts through the same period last fiscal year.

  • The Commercial Activity Tax exceeds estimate by $36.3 million, or 3.0 percent fiscal year-to-date.
  • The Auto Sales & Use Tax exceeds estimate by $46.3 million, or 4.7 percent fiscal year-to-date.
  • The Non-Auto Sales & Use Tax exceeds estimate by $99.1 million, or 1.6 percent fiscal year-to-date.
  • The Personal Income Tax met the monthly estimate in February and is below year-to-date by only 0.3% ($17.6 million). This underage is largely the result of larger-than-estimated refund activity so far this fiscal year.

“Ohio’s revenues are solid through the first eight months of the Budget. We continue to closely monitor all economic indicators given current events,” said Kimberly Murnieks, OBM Director.

Total tax receipts in February Fiscal Year 2020 exceeded February Fiscal Year 2019 by $85.3 million, or 5.4%.

A more detailed explanation will be included in the Monthly Financial Report, which will be posted on the OBM website on Tuesday, March 10.

OBM Director Kimberly Murnieks is available to speak with news media members regarding the preliminary revenues today. Please contact Pete LuPiba at 614-466-6573.