The Ohio Department of Taxation (ODT) posted the May 2023 Public Library Fund (PLF) distribution of $47,854,786 — which is $8.68 million (or – 15.36%) below ODT’s original estimate that was issued in July 2022; and $1.5 million (or – 3.05%) below ODT’s updated estimate issued in December 2022.
It has been reported over the last week that state revenues for the month of April came in well below expectations. According to the Office of Budget and Management (OBM), overall state tax receipts for the month of April came in $178.1 million (or – 6%) below estimates.
Even though the shortfall was primarily driven by the Personal Income Tax (PIT) underperforming (– 8.2% below estimates), other categories missed the mark as well: non-auto sales tax (– 3.7%) and auto sales tax (– 13.6%). OBM attributed the PIT shortfall to a timing issue and anticipates the shortfall being corrected in the month of May.
Overall, state revenues remain ahead for State Fiscal Year 2023 and are still exceeding estimates by $626.6 million (or + 2.7%).
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 May 2023 can be found on the OLC website.