The revenue report released today showed the state currently running $33.8 million ahead of plan, driven by strong traditional revenues and the receipt of funds from settlements in a tobacco case and MtBE litigation. In response, Governor Maggie Hassan released the following statement:
"New Hampshire's strengthening economy continues to improve our ability to address our fiscal challenges. The state is now likely to close the current biennium with more revenue than planned, allowing us overcome shortfalls in the last legislature's budget from unrealized Medicaid Enhancement Tax revenues, unbudgeted expenditures and projected savings that did not materialize. In addition, if current trends continue and there is a surplus generated for FY 13, we will have an important opportunity to strengthen New Hampshire's Rainy Day Fund, a responsible approach that will improve our short- and long-term fiscal situation.
"Our continued economic recovery is encouraging, and as the legislature considers the budget for the next biennium, we must make sure we are strengthening state government's fiscal position by beginning to re-build the state's Rainy Day Fund and investing in the priorities that will allow us to maintain this progress and build a more innovative economic future."