In the News: State tax revenue ahead of forecasts


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The Legislative Services Commission released its monthly Budget Footnotes newsletter for January, and reports that for the first six months of Fiscal year 2011, state general revenue fund (GRF) tax revenue is $294 million ahead of estimates. The primary cause is better-than-anticipated performance of the personal income tax and the sales tax, indicating that Ohioans take-home pay and consumer purchases are improving.

State program spending is $150 million ahead of estimates for the same time period, largely due to increased costs in the Medicaid program, as more people become eligible for the health care program.

In all, this makes the fifth straight month of strong GRF revenue collection. Compared to the same time period last year, the state collected $511 million more tax revenue.

Read the full report.

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