The Ohio Department of Taxation (ODT) posted the January 2023 Public Library Fund (PLF) distribution of $40,887,888 — which is $853,889 (or – 2.05%) below ODT’s original estimate that was issued in July 2022; and $28,410 (or + 0.07%) more than ODT’s updated estimate issued in December 2022.
According to the Office of Budget and Management (OBM), overall state tax receipts for the month of December came in about $32 million above estimates. So far, State Fiscal Year 2023 tax collections are up $510.3 million (or + 3.8%) above estimates.
OBM Director Kim Murnieks believes Ohio is in a strong position headed into the next biennium but has indicated the administration is taking a cautious and conservative approach given economic uncertainty. She stated the following in an interview with reporters last week:
“We’re still seeing a lot of economic uncertainty nationally, internationally, most economists are projecting a national recession sometime in the upcoming biennium, and as we work with the economic forecasts that underpin our budget forecasts, those are things that we are taking into account. Ohio has a lot in the positive, and we are really excited about the development projects that have been announced and the really strong signs that Ohio is on the move on a positive trajectory. And we will be focused in the upcoming budget on policies and projects that keep that trajectory moving upward for all Ohioans,” Murnieks said.
A look at the PLF distribution for the past three years and a link to an Excel spreadsheet listing each county’s distribution total for January 2023 can be found on the OLC website.