OBRT Joins Other Major Business Organizations to Issue Statement on Estimated State Surplus

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COLUMBUS—Ohio’s six major business organizations today supported the DeWine Administration’s proposal to refrain from allocating all of the nearly $3 billion GRF tax revenue surplus that is estimated over the biennium. This proposal was suggested by Kim Murnieks, Director of the Office of Budget Management, during her testimony to the legislature’s House Bill 110 Conference Committee.

The Ohio Business Roundtable, Ohio Chamber of Commerce, NFIB Ohio, Ohio Manufacturers’ Association, Ohio Farm Bureau and the Ohio Council of Retail Merchants issued the following statement:

“Ohio has emerged from the pandemic financially stronger than anticipated, however the long-term impact on our state’s economy is still unknown. For that reason, we support the DeWine Administration’s proposal to exercise fiscal restraint with the sizeable surplus that is estimated in the updated budget forecasts for the biennium. 

“Although our fiscal indicators appear strong, we believe the numbers may not reflect the entirety of the economic consequences that our state may face in the coming months and years. Furthermore, these positive estimates can largely be attributed to the actions taken to reduce spending during the pandemic, meaning this surplus should be treated as one-time money much the same as the American Rescue Plan stimulus. It is wise to be judicious with the excess money that the state is projecting in order to provide time for the economy to fully stabilize. Doing so will allow us to better identify the best—and most impactful—course for investing this money. 

“We applaud the General Assembly and the DeWine Administration for their careful deliberation on this matter.”

Alexandra Denney