Columbus — With tax revenues exceeding expectations and spending under budget, the state of Ohio closed its books with a $371 million cash balance at the end of the fiscal year, the Kasich administration said Tuesday.

The healthy numbers means Ohio will add $235 million to its rainy day fund, boosting it to $482 million. At the beginning of the Kasich administration, the fund had a paltry 89 cents in it.

Gov. John Kasich credited the turnaround to his administration’s management and businesses willing to create 94,300 jobs.

While some interest groups will pressure to spend the surplus, Kasich said “We are not going back to yesterday. We are not going to spend this money ... The idea that ‘Oh, now we’re in good shape so let’s just go out and spend,’ that’s how we got in this trouble. We’ve had a long period of tax and spend and we’re not going to do it.”

Ohio Democratic Party spokesman Jerid Kurtz criticized Kasich for cutting $1.3 billion in state funding to schools and local governments, forcing them to make cuts or raise levies.

“Gov. Kasich seems intent on making every day a rainy day for Ohio’s working class families. After slashing schools and local government budgets to the bone, I’m surprised John Kasich has the gall to double down and refuse to reinstate funds to keep our communities safe, teach our kids, and patrol our streets,” Kurtz said.

Kasich said the U.S. Supreme Court ruling upholding most of the Affordable Care Act means Ohio will have to figure out how to absorb an estimated $950 million in additional Medicaid costs in the 2014-2015 fiscal cycle when 900,000 Ohioans currently eligible but not enrolled actually sign up for coverage.

Ohio Medicaid costs $18 billion a year in state and federal funds and covers 2.1 million disabled and low-income Ohioans. The Kasich administration reported Tuesday that lower caseloads and other changes led to $535 million less in Medicaid spending last year than anticipated, helping bolster the state coffers.

Kasich is revamping Medicaid so that providers are rewarded for good health outcomes and coordinated care, rather than for the volume of services and tests.

The changes were made without cutting optional Medicaid services such as dental and vision coverage and without scaling back eligibility rules. That may not be the case in the next budget cycle, the governor said.

“The $950 million blast that we get from Obamacare is going to call into question our ability to manage this with the kind of compassion we have been able to have because it’s just a huge cost figure,” he said.

The U.S. Supreme Court ruled that the federal government couldn’t coerce states into expanding Medicaid to cover more low-income Americans by threatening to pull all federal Medicaid money from a state that refuses. The result is states have the option of expanding Medicaid for people up to 133 percent of the federal poverty level.

But Ohio and several other states are indicating they might not, even though the federal government will pay 100 percent of the cost for the first three years and then dial it back to 90 percent in the outlying years.

In Ohio, an expanded Medicaid would cover 700,000 to 900,000 currently uninsured Ohioans.

Kasich said he is leery of promises from the federal government and is worried about anemic economic growth. “I’ve heard a lot of promises from the federal government. I used to work there, remember? Their promises don’t mean a whole lot to me.”