N.H. revenues down $5.9 million in May, but state still $27.9 million ahead for fiscal year
The state collected $5.9 million less than expected in May, but revenues are still in the black thanks to stronger-than-expected collections in March and April.
Fiscal 2013 will end June 30. As of May 31, the state had collected $27.9 million more in revenue for the year than expected, the Department of Administrative Services announced this morning.
And while revenue from business taxes dipped in May, they’re still up 6.3 percent compared with fiscal 2012, year-to-date.
“It’s still a good story to tell, overall, for business taxes,” said Linda Hodgdon, commissioner of the administrative services department.
Thanks to strong revenues in March and April, what had been an estimated deficit for 2013 has become an estimated surplus for the fiscal year ending June 30. As of the end of April , the state had collected $33.8 million more than expected.
But traditional state taxes came in $8.1 million below plan in May. That included $5.7 million less than expected in business taxes and $2.9 million less than expected from the communications services tax, which is now running $19.4 million below plan for the year to date.
The state did pick up an additional $2 million in Medicaid Enhancement Tax revenue plus an extra $200,000 in Medicaid recoveries in May. The MET is still $32 million below estimates for the year.
The state’s general fund has collected $6.4 million so far this year from MTBE lawsuit settlements, and Hodgdon said she expects that number to come in at $9.1 million by the end of the fiscal year.
With one month remaining in fiscal 2013, the state’s revenues were running $27.9 million above plan. The Senate Finance Committee’s budget, which heads to the floor Thursday for a vote, relies on an estimated $40.6 million in surplus from fiscal 2013 to help balance the state’s books in the biennium that begins July 1.
(Ben Leubsdorf can be reached at 369-3307 or firstname.lastname@example.org or on Twitter @BenLeubsdorf.)