Treasurer Sprague details Ohio's efficient STABLE account and budget updates to Senate Committee

The Ohio Senate Finance Committee convened on April 2, 2025, to discuss key budgetary matters and initiatives impacting the state. The meeting featured testimony from State Treasurer Robert Sprague and Attorney General Dave Yost, who outlined their respective budget requests and the implications for Ohio residents.

Treasurer Sprague began by highlighting the success of the STABLE account, which provides financial services to individuals with disabilities. He noted that recent changes to the account's administration, although initially challenging, have resulted in significant cost savings. These savings have been passed on to users, reducing their monthly fees. Sprague emphasized that the current high-interest rates are beneficial for the state’s investment portfolio, further enhancing operational efficiency.

He also acknowledged the AgLink program, which has supported farmers during periods of high inflation by providing access to affordable borrowing options. This program has been crucial in helping farmers maintain their operations and avoid financial distress.

Following Sprague, Attorney General Yost presented his budget proposal, which includes appropriations of $472.9 million for fiscal year 2026 and $486.9 million for fiscal year 2027. He noted a slight decrease in funding compared to the previous year but expressed confidence that the proposed amounts would adequately support the office's operations across 13 locations in Ohio.

Yost detailed the funding structure, emphasizing that a significant portion of the budget supports law enforcement and victim services. He highlighted the success of the office's collection enforcement team, which has set records in recovering unpaid taxes and debts, contributing to the state’s revenue. In fiscal year 2023, the team collected over $564 million, with projections for continued success in the current fiscal year.

Additionally, Yost advocated for the reinstatement of a permanent funding stream for law enforcement training, funded by marijuana excise taxes. He noted that this funding is essential for ensuring that Ohio's police officers receive the necessary training without incurring excessive costs or travel burdens.

The meeting concluded with no further questions for either official, marking a productive session focused on fiscal responsibility and support for critical state services. The committee's discussions underscored the ongoing efforts to enhance efficiency and support for Ohio's residents through strategic budget management.