Concord, NH- Today, Senate Minority Leader Peter Bragdon issued the following statement in response to Governor Lynch's claim that the state ended Fiscal Year 2010 with a $70 million surplus:
"As usual, Governor Lynch and the Democrats at the State House have resorted to more Washington-style accounting gimmicks to hide their poor management of state finances. In this case they borrowed $150 million and then used that cash to pretend there was a surplus.
"Tiresome tricks like this, combined with a 24% budget increase, mean New Hampshire is facing an upcoming budget deficit of nearly $800 million. The Democrats in Concord need to do what families across the state have had to do, cut spending and live within their means."
In FY 2010, the state borrowed $25 million from UNH, borrowed $45 million to pay for school building aid, and borrowed $80 million from the 2011 budget. The total amount for just these three transactions is $150 million. Source: Office of Legislative Budget Assistant.