FOR IMMEDIATE RELEASE
April 6, 2020 – Columbus
March Tax Revenues $159.4 million below Monthly Estimate
Office of Budget and Management Releases Preliminary March Revenue Data
The Office of Budget and Management released preliminary March 2020 revenue data. Total General Revenue Fund tax receipts finished the month $159.4 million (-10.5%) below estimate.
Total fiscal-year-to-date tax receipts through March exceed estimate by $89.5 million (0.5%) and are $362.0 million (2.2%) over total tax receipts through the same period last fiscal year.
- March sales and use tax revenues missed estimates by 8.3 percent ($68.0 million, split between non-auto sales and use taxes which were $66.6 million below estimate and auto sales and use taxes which were $1.4 million below estimate). Because both sales tax categories performed above estimate through the end of February, fiscal year-to-date sales tax receipts continue to exceed fiscal year-to-date estimates by $77.4 million (1.0%).
- March income tax revenues missed estimates by 5.1 percent ($22.3 million). Fiscal year-to-date income tax receipts are below estimate by $39.9 million (-0.7%). Given the movement of the April 15 income tax filing deadline to July 15, OBM anticipates that April income tax revenues will miss the April estimates by a significant margin.
“The impact of the COVID-19 global pandemic became apparent in Ohio’s March General Revenue Fund receipts. OBM continues to monitor economic indicators daily to manage the financial situation of state government and continue providing critical services to Ohioans. In the past weeks, Governor DeWine instituted spending controls, including a state agency hiring freeze and purchasing restrictions, and we work with agency leaders to implement those actions,” said Kimberly Murnieks, OBM Director.
A more detailed explanation will be included in the Monthly Financial Report, which will be posted on the OBM website on Friday, April 10.
(Tables 1 and 2 are available within full download)