CONCORD – House Speaker William O’Brien (R-Mont Vernon) today offered the following comments regarding the release of the preliminary revenue for figures for State Fiscal Year 2012, which ended last Saturday. The revenue results still include an outstanding deficit of $34.1 million in Medicaid Enhancement Tax (MET) revenue that the Department of Revenue Administration expects to receive this month, but which will be included as revenue for last fiscal year.
House Speaker William O’Brien
“Outside of the MET, which the DRA has indicated will be coming in late, our Ways and Means Committee has done an outstanding job of predicting our revenues. For the year, revenues will be up by $1 million over estimates, meaning that our forecast will have been accurate within two tenths of one percent of the actual results. That is an incredible achievement and is a far cry for recent years, in which inflated revenue figure were used to justify more government growth. If we had gone with Governor Lynch and the Democrats’ revenue figures, we would have been looking squarely at a deficit of over $120 million right now. Instead of worrying about what taxes and fees to raise and laying off more state employees, state leaders can focus on how we can get our economy back on track and create new jobs, thanks to our commitment to producing reliable revenue estimates.”
Link (revenue focus): http://admin.state.nh.us/accounting/FY%2012/Monthly%20Rev%20June%2012.pdf