General Revenue Fund - Year End Balance

  ( $ in Thousands ) FY2012   FY2013   FY2014   FY2015   FY2016   FY2017   FY2018
                           
Beginning Cash Balance1 844,467 973,446 2,639,250 1,700,065 1,711,679 1,193,327 557,090
  Plus State Tax Receipts 19,005,221 21,015,701 20,134,689 21,405,823 21,821,565 21,885,767 22,423,223
  Plus Non-Tax State Revenue 234,975 615,127 116,843 124,312 118,200 175,171 389,489
  Plus Federal Revenues 7,362,952 7,525,842 8,575,562 9,301,325 11,645,735 11,761,183 9,469,932
  Plus Transfers In 582,335 402,014 405,710 641,628 322,243 355,937 188,623
               
Total Sources 28,029,950 30,532,130 31,872,055 33,173,153 35,619,422 35,371,385 33,028,357
  Less Disbursements 26,394,750 27,439,285 28,901,823 30,831,598 33,593,065 34,503,523 31,727,284
  Less Transfers Out 661,754 453,596 1,270,167 629,876 855,831 310,772 80,034
               
Ending Cash Balance1 973,446 2,639,249 1,700,065 1,711,679 1,193,327 557,090 1,221,040
  Reservations for Prior Year Encumbrances 602,422   361,047   422,685   425,210   428,603   386,217   371,180
                           
Unencumbered Ending Cash Balance 371,024   2,278,202   1,277,380   1,286,469   764,724   170,873   849,859
 0.5% Balance Requirement 135,928   147,793   146,164   157,365   169,539   170,873 5 162,356
                           
Surplus Ending Balance & Disposition2 235,096   2,130,409   1,131,216   1,129,104   595,185   -   687,503
 Reservations for Designated Transfers3 -   171,329   529,000   301,500   275,000   -   30,000
 Transfer to the Budget Stabilization Fund 235,096   995,930   -   425,500   29,483   -   657,503
 Transfer to the Income Tax Reduction Fund -   -   -   9,103   -   -   -
 Authorized Retained Balance4 -   963,149   602,216   393,000   290,703   -   -

1 Cash balance equals the amount of moneys available on a cash (non-accrual) basis to support appropriations, including authorized transfers and encumbrances. The beginning cash balance includes reservations for both prior year encumbrances and designated transfers from the prior year ending balance.

2 Surplus ending balance equals the ending cash balance less prior year encumbrances and less the 0.5% ending balance requirement of ORC Section 131.44.

3 Designated transfers are established in Acts passed by the General Assembly and include transfers to the unemployment compensation interest fund, medicaid reserve fund, disaster relief and emergency purposes funds, and other funds for one-time uses.

4 The authorized retained balance reflects monies set aside pursuant to law for specific purposes such as pre-funding the cost of the subsequent fiscal years income tax reductions. More information regarding disposition of the GRF surplus ending balance in a particular fiscal year is available on the OBM website in the July edition of that year's Monthly Financial Report.

5 In FY 2017, the 0.5% ending cash balance target was set to equal the actual ending cash balance, which equalled 0.49995% of total GRF revenue.