ODT Releases June 2016 PLF Distribution
The Ohio Department of Taxation (ODT) released the June 2016 Public Library Fund (PLF) distribution. This month’s distribution of $33,023,764 brings the year-to-date total to $184,802,389. However, the June 2016 distribution is about 3.5% less than the June 2015 distribution and more than $6.7 million below ODT’s estimate for the month. This is the second consecutive month in which the PLF distribution has been below ODT’s estimates. An Excel spreadsheet listing each county’s distribution total can be found on the OLC website.
According to the Office of Budget and Management (OBM), state revenues for Fiscal Year (FY) 2016 are coming in over a half billion dollars under estimates through May. Specifically, a total of $19.7 billion has been collected so far in FY16 compared to the $20.2 billion that had been anticipated. The shortfall totals $503 million or 2.5 percent.
As a reminder, ODT is required by statute to provide an initial PLF certification in July for the following calendar year. That certification is then updated in December and a final update is required in June of the actual calendar year.
Later this month, ODT will be issuing its revised PLF distribution estimates for each county for the remainder of Calendar Year (CY) 2016. In addition, OBM will be updating their overall state revenue estimates for FY17 in July. As OLC indicated last month, OBM is expected to downgrade state revenue estimates for FY17.
ODT has indicated that its revised PLF distribution estimates for CY16 will NOT reflect OBM’s updated state revenue estimates and that it does not plan to do any CY16 supplemental PLF or LGF forecasts after OBM updates the state’s revenue estimates. However, once OBM releases its updated revenue estimates, the OLC will work with its consultant to provide updated PLF distribution estimates for the remainder of CY16.