Updated projections released Thursday confirmed Ohio lawmakers will have to close a budget hole a little bigger than $1 billion.
The budget bill passed by the Ohio Senate Wednesday already had that goal in mind — senators trimmed spending by about $1 billion. Senators and representatives on the conference committee working on a budget compromise have only about $20 million to go before the June 30 deadline to pass a balanced budget.
The conference committee will do most of its work behind closed doors. Chairman Ryan Smith, a Bidwell Republican, expects the compromise bill to be released Tuesday or Wednesday, with floor votes on Wednesday.
“Even though it’s been a tough environment, we’ve communicated well between the chambers and with the administration along the way,” Smith said.
The nonpartisan Legislative Service Commission revised its 2018-19 revenue estimates down $1.02 billion from its February report. The Ohio Budget and Management Office didn’t differ much in its updated forecast, projecting $949 million less in state coffers over the next two years. Of that, $934 million is from reduced tax revenues.
Gov. John Kasich, state budget director Tim Keen and legislative leaders acknowledged a possible budget shortfall as early as April.
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