Deltek Principal Analyst Jason Sajko reports.
When John Kasich (one of our nation’s 36 new state governors) was sworn in January 10, 2011, he immediately set out to craft a budget to address Ohio’s expected $8 billion shortfall in what is potentially the toughest budget the state has ever tackled. Kasich and appointed Director of the Office of Budget and Management Tim Keen prepared and presented the FY 2012-2013 executive budget, which they called “the jobs budget,” to the State Legislature on March 15, 2011. The budget is currently in the hands of a legislative budget compromise committee that consists of three senators and three House representatives. The group is working to establish final decisions on important issues like health care, education, and local government funding. The legislature must make the budget official by July 1, 2011. On June 15, OBM Director Keen provided updated revenue estimates that benefit from higher-than-expected income tax receipts. While some of these funds will be used for existing costs, stakeholders are currently debating whether the rest should be used to restore budget cuts or to pad the state’s rainy-day fund.
For the complete blog, go here.