(FY) 2024-2025 State Budget
February 6, 2023 — Gov. Mike DeWine held his State of the State Address last week and released his State Budget proposal for Fiscal Year (FY) 2024-2025. The administration remains focused on the following key areas: children and literacy; economic development; mental health; housing; public safety; nursing homes; and water. They are expecting moderate economic growth – the baseline General Revenue Fund (GRF) tax revenue forecast projects a 2% increase in FY 24 and 5% increase in FY 25. This results in a state GRF estimate of nearly $60 billion dollars.
Gov. DeWine’s budget proposal includes a commitment to Ohio’s public libraries by funding the Public Library Fund (PLF) at 1.7% in FY 24 and FY 25 in permanent law. A detailed review of the 631-page “Blue Book” is underway and more information will be available once the actual budget bill is formally introduced in the Ohio House and the legislative language is analyzed.
According to the Blue Book, the Office of Budget and Management has made the following PLF projections:
- FY 2023: $492 Million
- FY 2024: $505 Million
- FY 2025: $530 Million
The budget bill language is expected to be ready later this week and hearings at the Statehouse on the budget begin tomorrow.