The Governor today finally released the unaudited surplus reports and is touting as good news that New Hampshire had a 19.5 million dollar surplus at the end of FY 2014. While this sounds like great news it is not. The biannual budget was structured to end 2014 with a 26.8 million dollar surplus which would be used in the 2015 budget year. This means the 2015 budget is 7.3 million dollars in the red. This Red Ink is not caused by a lack of revenue as revenue projections have been almost exactly on. I believe revenue has come in at 0.14% over projected figures. Now add the 11 to 13 million in Unbudgeted spending passed by the Governor and legislature brings us to a possible shortfall of 20.3 million dollars in 2015. By law the state of New Hampshires budget has to be balanced though that is at times accomplished with borrowed monies and creative record keeping. Those practices are not acceptable. This brings me to this conclusion to balance the budget a concerted effort to make cuts or raising yet more taxes is required :/. I will not support any tax increase to cover this deficit because it has been caused by Overspending not a lack of revenue. November 4th will be the actual determination of how the deficit is closed. I urge you to get to know the candidates for the #NHHouse and #NHSenate and choose wisely.
Posted on: Wed, 01 Oct 2014 00:58:47 +0000
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