At the same time that Ohio lawmakers are preparing to pass a $2.5 billion capital budget later this month, the state is careening toward ending its fiscal year with hundreds of millions of dollars less tax revenue than anticipated.
The Ohio Statehouse on Capitol Square in downtown Columbus. The capitol houses the Ohio General Assembly, which consists of the House of Representatives and the Senate.later this month, the state is careening toward ending its fiscal year with hundreds of millions of dollars less tax revenue than anticipated.
But unlike past capital budgets, this year’s plan also includes $700 million for one-time projects, with much fewer restrictions on how the money can be spent. That money came from the state’s last fiscal year, when tax revenues exceeded projections, state spending was lower than expected, the state still had a lot of federal coronavirus relief money to spend, andLawmakers are now looking to give more than $140 million to Northeast Ohio projects.
Lawmakers could sock the $700 million away in the state’s rainy-day fund, kept for the state to draw on in bad economic times. But the rainy-day fundas of April, and the fund is capped at 10% of the state’s yearly general revenue -- which was about $42.5 billion last fiscal year and is on track to be less than that when the current fiscal year ends in a couple weeks.
The operating budget covers everything from paychecks for state troopers to the salaries for the governor and other elected officials. It pays for state services, like the prisons and Medicaid. The state agencies with the largest budgets over the next two fiscal years are the:Department of Higher Education putting it opposite the operating budget in the state’s fiscal calendar.
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