ODT Posts October 2024 PLF Distribution

The Ohio Department of Taxation (ODT) posted the October 2024 Public Library Fund (PLF) distribution of $36,274,131 – which is $7.5 million (or + 26%) above ODT’s original estimate that was issued in July 2023; and $7.7 million (or + 27%) above ODT’s updated estimate issued in December 2023. As indicated in previous communications, OLC is monitoring state revenues.

According to the Office of Budget and Management (OBM), state tax receipts for September came in $547.1 million (+ 36%) over the updated revenue estimate. OBM Director Kimberly Murnieks has indicated that the overage in revenue is likely due to OBM's "overprediction of the revenue loss from the first-ever expanded sales tax holiday held July 30-Aug. 8." 

OBM believes the overage is temporary because future transfers to the State's General Revenue Fund (GRF) from the Sales Tax Holiday Fund will be less than anticipated. More information is available in OBM’s Monthly Financial Report.

Even with the overage, overall state tax receipts year-to-date are still coming in less as compared to 2023. For the year-to-date (YTD), the state is running $316.6 million or 4.5 percent below what was collected by this time last year. Therefore, the overall PLF YTD is still well below 2023 funding – we are currently receiving $28.8 million less in state funding than we received at this time last year. This is extremely important as we prepare for deliberations on the next state budget.

A look at the PLF distribution for the past three years and a link to an Excel spreadsheet listing each county’s distribution total for October 2024 can be found on the OLC website.