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Strong June revenues boost state’s books as fiscal 2013 comes to an end

The state finished the 2013 fiscal year on a high note as revenues in June came in at $11.7 million above expectations. An estimate of the state government’s surplus for the year, however, won’t be available until the fall.

As of Sunday, general- and education-fund revenues from state taxes and fees were $39.6 million above plan for the 2013 fiscal year. A supplemental report will be issued in a month detailing revenue received in July but credited to June, said Linda Hodgdon, commissioner of the Department of Administrative Services.

“We’ll be picking up some additional revenues on that report,” she said yesterday.

The stronger-than-expected revenue in June, the last month of fiscal 2013, largely reflected business taxes that brought in a total of $89.9 million for the month, $11 million more than expected.

Several other taxes, including the meals-and-rooms tax and the real estate transfer tax, also came in higher than expected, and the general fund collected $2.6 million from legal settlements involving the gasoline additive MTBE. That helped offset lower-than-expected revenue from the Communications Services Tax, the tobacco tax and liquor sales.

The state’s 2014 fiscal year began Monday, but it will take officials about three months to close the books on 2013, Hodgdon said. A preliminary figure for the state’s 2013 surplus, which depends on both revenue and spending, will be available by the end of September.

The new state budget estimated New Hampshire would end fiscal 2013 with a surplus of $56.9 million, with all of that money earmarked to help balance the 2014 budget.

(Ben Leubsdorf can be reached at 369-3307 or
bleubsdorf@cmonitor.com or on Twitter @BenLeubsdorf.)

you can thank your Responsible Republican Representatives for the surplus.

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