ODT Posts January 2024 PLF Distribution

The Ohio Department of Taxation (ODT) posted the January 2024 Public Library Fund (PLF) distribution of $35,451,717 – which is $4.5 million (or -11.19%) below ODT’s original estimate that was issued in July 2023; and $7,569 (or -0.02%) below ODT’s updated estimate issued in December 2023.

According to the Office of Budget and Management (OBM), overall state tax receipts for the month of December came in 11.5% or $263.7 million below estimates. OBM claims the state budget for FY24 is still on solid footing.

OBM Director Kim Murnieks issued the following statement:

“Monthly revenues were negatively impacted by large income tax refunds paid to filers who requested extensions for the 2022 tax year. This historic level of December refunds was driven by shifts in payment strategies for pass-through entities who elected to take advantage of tax law changes for federal tax purposes. Even so, when tax receipts, investment income, and other non-federal income to the General Revenue Fund are combined, fiscal year-to-date revenues are on track. While it is unlikely that income tax refunds of this magnitude will recur in future Decembers, this shift will be taken into consideration as we forecast future income tax estimates by month.”

A more detailed explanation will be included in OBM’s Monthly Financial Report, which will be posted on the OBM website on Wed., Jan. 10, 2024.

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 2024 can be found on the OLC website.