Column: Ohio tax revenues: Good news for state budget talks
Logan Kolas - Buckeye Institute
Ohio has a chance to build on a relatively successful economic response to the COVID-19 pandemic. Gov. Mike DeWine’s executive budget should take it. As he sets spending priorities for the next two years, DeWine should limit proposed spending increases, cut unnecessary spending, and strategically use the state’s rainy day fund to keep Ohio on a prosperous, sustainable fiscal path.
The pandemic quickly cratered Ohio’s budget surplus flipping a $200 million surplus in February to a $775 million deficit by the end of April and forcing state lawmakers to make hard choices. Fortunately, Ohio has taken lemons and made lemonade. Responsible decisions early in the pandemic to freeze spending, along with prudent budget cuts, preserving the rainy day fund, and better-than-expected state tax revenues have positioned Ohio well heading into the next budget cycle.