CHICAGO — Ohio began its new fiscal year with revenues down only slightly from expectations and a surplus of just under $140 million, but the good news ends there as the state is bracing for a deficit that could be higher than $8 billion as it heads into a new biennial budget next year.

The General Assembly last year created a budget commission to begin addressing the expected loss of federal dollars that were essential to balancing the current two-year budget. The commission, made up of a bipartisan group of six members of the House and Senate, will hold its second meeting this afternoon.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.