Gov. John Kasich warned lawmakers Tuesday that Ohio is “on the verge of a recession” as state tax revenues continue to fall short of expectations.
According to Kasich’s budget office, state tax income revenue was $99 million, or 5 percent, below projections, the second straight month revenue has been lower than anticipated.
So far this year, the state has collected $259 million, or 2.8 percent, less in taxes than expected, according to preliminary data released by the Office of Management and Budget.
In particular, state income is $153 million less than projected for the year and sales tax revenue is $109 million less.
Speaking on the floor of the Ohio House, the governor again said that he doesn’t want to leave a bad financial situation to his successor after he leaves office in 2019.
Kasich said last week that the next state budget will be tight following lower-than-anticipated state revenues.
“There’s not going to be a lot of growth in any [state] program,” Kasich told reporters at the time. “It’s going to be tight. There’s not going to be an ability to give significant percentage increases.”
Click here to read more of this story.
About Marion Online News
