State Budget Analysis: Deficits on the Horizon

Yesterday, Opportunity Ohio released an important analysis by Matt Mayer on the Governor and General Assembly’s new state budget.  Here are the key findings: From Governor Kasich’s first year to his fourth year, Ohio’s budget has grown by 20.1% or 6.7% each year; The budgetary growth under Governor Kasich is the largest increase during a gubernatorial term since 1991; Unless spending slows and/or revenues exceed the average growth since 2001, Ohio will begin running deficits in 2015; If the next two budgets grow at the same rate as the last two budgets, Ohio’s budget will surpass $41 billion in FY2019; and If revenues grow at the same rate (excluding the high and low years), Ohio’s revenues will hit $34.5 billion in FY2019, resulting in a $6.6 billion one year deficit and $11.4 billion two year deficit. To read the short report and view the accompanying table, click here.