State predicts even larger deficit…Will Toledo’s be larger too?
Hold on to your hats Toledo! If the State once again is stating they are bringing in less, as reported by the Toledo Free Press in this Associated Press Piece:
New estimates released by the Ohio Office of Management and Budget showed the state took in $60.5 million less than expected in total taxes last month, The Columbus Dispatch reported.
That was 3.2 percent less than expected, and it leaves the state with an $85 million shortfall with five months left in the current fiscal year.
State tax revenue also is expected to decline by about $825 million in the first year of the next two-year budget, which begins July 1. The legislature will begin debating that budget next week.Gov. Ted Strickland is relying on more than $3 billion in federal stimulus money to help balance it by funding Medicaid, education and state services. Strickland has said he’s confident the funds will come through, though they haven’t been approved.
“Ohio’s economy continues to struggle as our nation continues to face a recession,” said Strickland spokeswoman Amanda Wurst.
Chances are, the 8.1 million dollar deficit announced in January? Might be worse…It probably would be a good idea to start asking that question of the City of Toledo administration now…
Maybe we ought to cut taxes again to increase our revenue? Oh wait, we already tried that. It would’ve worked though except for that nasty 9/11 business. Maybe our brilliant legislators (the architects of the Taft tax plan) have a plan B in mind?
We don’t need higher or lower taxes necessarily, we simply need to better identify and then fund our priorities. Maybe that’s too simple?
February 9th, 2009 at 3:46 pm