May 2024 PLF Distribution and State Tax Receipts Miss the Mark Again

According to the Office of Budget and Management (OBM), state tax receipts came in below estimate again last month by $224.4 million ( – 8.4% below estimate for the month of April). OBM has indicated that the shortfall is related to higher than expected personal income tax refunds. In addition, the Commercial Activities Tax for April came in $39.9 million below estimate. With two months left in Fiscal Year 2024, overall fiscal year-to-date state tax revenues are down by $446 million (or – 1.9%).

The Ohio Department of Taxation (ODT) posted the May 2024 Public Library Fund (PLF) distribution of $42,174,542 — which is $3.9 million (or – 8.49%) below ODT’s original estimate that was issued in July 2023; and $3.87 million (or – 8.42%) below ODT’s updated estimate issued in December 2023.

Because state tax receipts have continually come in under estimate, the PLF is continuing to come in under estimate. For the first five months of this year, the PLF is now $12 million below what was anticipated.

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 2024 can be found on the OLC website.