The New Hampshire Senate
Republican Majority Office
(CONCORD) Senate Finance Committee Chair Jeanie Forrester (R-Meredith) today introduced legislation to strengthen New Hampshire’s Rainy Day Fund. SB 5 would automatically transfer any surplus left at the end of the state’s two year budget cycle into the Revenue Stabilization Reserve Account, known as the Rainy Day Fund, and require a 2/3 vote of the Legislature to prevent such a transfer. The Senate Finance Committee held a public hearing on Forrester’s bill this afternoon.
“New Hampshire’s Rainy Day Fund sits at just $9.3 million, barely enough to cover state expenses for two days,” Forrester said. “Strengthening the Rainy Day Fund is essential to sound budgeting, and will send a strong signal that New Hampshire is serious about improving its fiscal discipline.”
Forrester led last year’s effort to put $15 million in surplus revenues into the Rainy Day Fund, but Governor Hassan and House Democrats opposed the transfer, and used the money to prop up state spending. Forrester argued that rebuilding the state’s fiscal safety net is a top priority in the next budget.
“The Rainy Day Fund protects New Hampshire taxpayers in case a severe economic shock disrupts state revenues,” Forrester added. “It’s also essential to preserving our state’s bond rating. I urge my Senate colleagues to pass SB 5.”