Revenues

The Union Leader reports on state revenues through October, which have come in below expectations, and added $38 million to the state's fiscal problems.

A monthly report from the Department of Administrative Services shows the state took in $204 million in taxes and other revenues last month, $12 million short of the month's budget target.

Through the first four months of this fiscal year, the state has taken in $585 million, instead of the $623 million the budget was built to have at this point. The figures include $97 million in revenue to the Medicaid program from the federal government.

Our colleagues at the New Hampshire Center for Public Policy Studies report that state revenues are not rebounding, at least not yet.

For the twelve months preceding September 2009, New Hampshire revenues destined for the General Fund and Education Trust Fund were 6% less than for the twelve months ending a year earlier. The decline in state revenues is broad based, affecting all revenue sources, whether from business, consumer spending, or gaming.

Kevin Landrigan reports in the Nashua Telegraph that state revenues at the end of September are short of the budget plan, but not as bad as they could have been.

Administrative Services Commissioner Linda Hodgdon said she took some solace September was a big revenue month, and the state’s revenue shortfall of $8.5 million was smaller than the one in July and August combined.

“We knew going into this we were going to see some negatives at the beginning of the year, and hopefully, we will see more positive going into the next calendar year,” Hodgdon said.

The Union Leader editorial page notes that state revenues for August were $17.6 million lower than expected.

That doesn't mean we should make state historians history right now. It's only August; the fiscal year is still new. However, identifying places in the state budget where we could save a few tens of millions of dollars would be a great idea.

Of course, that is always a great idea. But somehow legislators and the governor seem to come around to it only when there's a recession.

Shira Schoenberg reports in the Concord Monitor on the dismal revenue figures from the month of August, as well as an explanation from the Lynch Administration.

Department of Administrative Services Commissioner Linda Hodgdon said part of the reason for the shortfall is economic, and is due to the way the projections were developed. The yearly revenue projections were set by the Legislature, working with commissioners and economists. Once the budget was passed, state agencies made the monthly projections.

Tom Fahey reports in the Union Leader that August revenues are down, way down, from the budget forecast.

State revenues came in almost 16 percent lower than expected in August, although liquor and tobacco sales are well ahead of last year's performance.

The state collected $94 million during the month, compared to $111.5 million it hoped to collect.

Off estimates

Let's hope legislative revenue experts are more accurate in their relatively conservative forecasts for the next year than they have been in the last one.

Rep. Steve Vaillancourt, R-Manchester, gives an assist with analysis.

Taxes and fees came up a stunning $307 million short in fiscal year 2009 for a 12.2 percent shortfall.

The latest revenue report for June shows the fiscal year ended $292 million below the estimates developed two years ago. Receipts for June were $33 million below estimates, thanks mostly to poor business tax receipts.

The state received $2.2 billion over the year.