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Revenue misses state's target
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November 04, 2009 - 12:00 am

State revenue continues to come in slightly below the Legislature's predictions.

In October, the state brought in $204.1 million in revenue, which was $11.8 million below estimates. The figure is $400,000 lower than what the state had brought in at this time last year.

Total revenue for this fiscal year, which started in July, is at $585.2 million, which is $37.7 million below predictions, counting money for both the general and education funds.

The biggest drop from what was predicted in October was in the rooms and meals tax, which brought in $20.8 million, down $2.5 million from predictions.

October business taxes came in at $26.3 million, down from predictions by $1.3 million. The tobacco tax brought in $18.6 million, or $900,000 less than was planned. The interest and dividends tax, communications tax and "other" taxes all came in at more than $1 million below predictions.

Department of Administrative Services Commissioner Linda Hodgdon has said that estimates are based on the assumption that the economy will begin to recover this year, but they were spread out evenly over the entire year. That means the figures could be below predictions at the beginning of the year but above predictions later on.

State Republicans are critical of the recent numbers. "The Democrats' bloated revenue estimates and reckless spending have forced New Hampshire into a fiscal crisis," Republican State Committee Chairman John H. Sununu said yesterday.

Shira Schoenberg






 

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