State Deposits Even More Money Into Rainy Day Fund
Governor Kasich announced that $657.5 million was transferred to the State’s Budget Stabilization Fund (or otherwise known as the “rainy day” Fund), following the close of Fiscal Year 2018. The deposit comes after a fiscal year in which state revenue outperformed projections and under spending continued. The state’s “rainy day” fund now stands at nearly $2.7 billion.
For FY 2018, total tax receipts came in above estimates by $574.2 million, or 2.6%, Office of Budget & Management (OBM) reported Wednesday, July 11. Spending from the General Revenue Fund for the fiscal year was $522.9 million, or 1.6%, below estimates, although agencies have encumbered $371.2 million for obligations from FY 2018 that might be paid for in FY 2019.