Saying the funds will help address the projected Fiscal Year 2013 budget deficit in order to ensure a balanced budget for 2013, Governor Maggie Hassan applauded news that the state has received about $15 million more than what was budgeted from a settlement with tobacco companies.
"The timely receipt of the tobacco settlement funds is a positive development in our efforts to address New Hampshire's fiscal challenges in a responsible manner," Governor Hassan said.
The state is facing a deficit in Fiscal Year 2013 because of shortfalls in Medicaid Enhancement Tax payments, unbudgeted expenditures - such as additional funds for charter schools and repayment of uncompensated care dollars to the federal government - and projected savings by the last legislature that have not materialized.
"These dollars will be key to addressing the projected Fiscal Year 2013 deficit, and could help eliminate the need for alternative plans under consideration," Governor Hassan said. "This fiscally responsible approach for tobacco settlement funds will help strengthen New Hampshire's fiscal situation. I thank Attorney General Mike Delaney and his staff for their diligent work to finalize the settlement as quickly as possible."