NH Senate Republicans - Statement on Lynch's Mythical "Surplus"

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."

Background:

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.