Treasurer says office can cut GRF request 51% after modernization, cites expansion of STABLE, AgLink and ResultsOhio

State Treasurer Robert Sprague told the Ohio Senate Finance Committee that his office is asking the Senate to reduce General Revenue Fund (GRF) support for fiscal years 2026–27 by about 51%, a move he said is possible because of modernization, new revenue streams and operating efficiencies.

Sprague testified during the committee’s second hearing on House Bill 96 and described recent program growth while seeking legislative support for additional code updates and standalone bills tied to the Treasury’s modernization work. "To purchase a home in Ohio is to invest in Ohio," Sprague said, describing the Ohio Homebuyer Plus program. He also emphasized operational changes, saying, "Everything's going electronic."

Why it matters: The treasurer’s office manages state cash and investments, issues bonds and runs targeted programs that the office says reduce future GRF demand. The requested reduction would free GRF dollars for other state priorities but depends on continued non‑GRF revenue and program performance.

Key program details and recent results

- ResultsOhio (mobile vision clinics): Sprague told the committee that ResultsOhio partnered with foundations, the University of Cincinnati Educational Services Center and 23 school districts. The office reported 3,974 students received eye exams, 915 were referred for more serious conditions and 3,418 received eyeglasses in the program’s first completed project.

- STABLE (ABLE accounts): Sprague said the STABLE program had more than 44,000 accounts at the end of 2024 with about $526,000,000 in assets under management. He said the office will pursue standalone legislation this biennium to enact further STABLE enhancements.

- Ag•Link: The treasurer credited changes enacted in 2022 with helping nearly 4,000 Ohio farmers save almost $20,000,000 in interest in 2024. He described new temporary windows for farmers in counties hit by last summer’s drought and by the avian influenza outbreak, raising the borrowing cap from $500,000 to $750,000 and allowing longer loan durations up to two years and larger interest discounts for affected farmers.

Reasons for the GRF reduction request

Sprague attributed the proposed cut primarily to three factors: operational efficiencies secured through the Treasury Modernization Act and related Ohio Revised Code changes, diversification of revenue sources for specific programs, and reductions in office headcount tied to streamlining. He described the modernization changes as allowing the office to operate with fewer manual processes and fewer in‑person cash handling points.

Committee follow up and staff note

Committee members asked how much of the reduction stems from staff cuts versus revenue increases. Sprague told Senator Craig and others that both factors contribute: modernization and a smaller workforce. When asked about investment‑related language included by the House that could limit public‑entity investment decisions, Sprague called up Zack Prouty, his director of legislative affairs, who said the House language was not requested by the treasurer’s office and that they would review it after the hearing.

Ending

Sprague closed by reiterating that the office would continue to pursue further statutory revisions and standalone bills to support its work. He told senators his office would follow up with a more detailed review of House changes to investment language after internal review.