6/26/08 ODT Releases CY 2008 Recertification of Public Library Fund
The Ohio Department of Taxation has released the recertification of the Public Library Fund distribution for calendar year 2008. By statute, the Ohio Department to Taxation each June must re-evaluate the revenues to date and re-calculate its projections for the Public Library Fund (PLF). The recertification for CY 2008 indicates about a 2% reduction from the 2008 certification issued in December 2007.
It has been noted that the June 2008 tax distribution was off by a significant amount, and that libraries using year-to-date numbers calculated the PLF to be as much as 4.5% lower than the December 2007 projections for 2008. The June distribution was off because the revenue for Foreign and Domestic Insurance was not sent to the state in a timely fashion, resulting in revenues being down by more than $180 million. That money has been deposited and will be included in the July distribution.
Questions should be directed to Lynda Murray, Director of Government and Legal Services.
