Ohio Budget Blues Continue

POSTED BY: George Hiotis
Tuesday, April 22, 2003 - 09:47 AM
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Governor Taft’s Budget Director says the state must stop using one-time sources of money to balance its budget. Tom Johnson, Director of the Office of Budget and Management, says the use of temporary revenues could lead to future budget problems. Johnson says a house proposal to impose a temporary one-penny sales tax increase in July does not give the state the ongoing money it needs. Johnson told the senate finance committee today that the use of such one-time money could jeopardize Ohio’s bond rating. A lower bond rating would force the state to borrow money at higher interest rates.

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