The New Hampshire Senate
Republican Majority Office
Senate Leader says State has $22 Million Budget Shortfall not Budget Surplus
Concord, NH – Senate Majority Leader Jeb Bradley (R-Wolfeboro) issued the following statement today in regards to Governor Maggie Hassan’s recently released statement on the progress of meeting 2014 budget numbers:
“The budget law the Governor signed requires the state to have a $26.7 million surplus. The Governor reported yesterday that the state had a $19.5 million budget surplus, $7.2 million short of the requirement. However, the shortfall number is actually worse because the Governor is also including $15.3 million from the FY13 Republican surplus.
'The Governor is presenting a false picture to New Hampshire taxpayers on the state’s finances. We have a $22 million dollar shortfall that the Legislature will have to deal with, and it could be worse since we haven’t seen the spending numbers for the first quarter of FY15.
“The problem with that lack of transparency is that the problems only grow larger and the budget cuts become more difficult. We hope that the Governor will be more straightforward about the budget so that taxpayers will know exactly the problems facing the state when the next Legislature convenes in January.”
House Bill 1 and House Bill 2 (2013) require the Governor to achieve a $26.7 million surplus in fiscal year 2014 to roll over as the starting point for fiscal year 2015. Her surplus of $19.5 million actually creates a shortfall of $7.2 million in fiscal year 2015.
The Republican led legislature passed a previous budget (FY12-13) that generated a $15.3 million surplus. Despite efforts (SB 415, 2014) to place the surplus into the Rainy Day Fund immediately to shore up the State’s credit rating, the Democratic House killed this important legislation.
$7.2 million + $15.3 million Republican surplus = $22.5 million shortfall for FY2015