NH Revenues Continue to Come in Low

For the fourth straight month, New Hampshire tax revenues have come in significantly below the rosy projections of Democrats in Concord. The AP reports:

The state received almost $12 million less in October than projected.

Administrative Services Commissioner Linda Hodgdon said there was one bright spot. She said taxes on property sales came in right on target for the first time in many months. The tax is an indicator of home sales.

The state received $204 million during the month. Since July, the state's tax receipts have come in almost $38 million below projections, but Hodgdon said the total does not reflect $6 million the state expects to receive soon.

Hodgdon did not elaborate on this phantom $6 million. Nor did she comment on the ongoing JUA legal battle which is likely to blow another $110 million hole in the budget.

NHGOP Chairman former Governor John H. Sununu released this statement on the news:

The huge shortfall in October’s revenue collections is another indication of the deception built into Governor Lynch’s disastrous budget. The Democrats’ bloated revenue estimates and reckless spending have forced New Hampshire into a fiscal crisis.

The Democrats have spent the last few months trying to cover up their budget disaster and distract from their fiscal mismanagement. However these repeated monthly revenue shortfalls, coupled with the irresponsible use one time money and attempted theft of $110 million from the JUA fund, confirm that their budget was one of the most irresponsible budgets in New Hampshire’s history.