Kasich shoots for surplus by end of '13

Associated Press

Updated: Aug 8, 2012 7:13 AM

COLUMBUS, Ohio (AP) — Gov. John Kasich's administration says Ohio could have a surplus of nearly $1 billion by the end of the 2013 fiscal year.

But Kasich said the state likely won't be spending more money. The governor says he's staying focused on lowering Ohio's income tax rate instead.

The Columbus Dispatch reports that state Budget Director Tim Keen slightly increased his revenue estimates yesterday for the 12 months that began on July 1.

The latest estimates say Ohio should finish fiscal year 2013 with a $408 million surplus, without counting an anticipated $500 million payment from JobsOhio, Kasich's new private job-creation board.

Keen also anticipates that Medicaid spending will remain below initial estimates.

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