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Senate Ways and Means Committee Increases Revenue Estimates

May 22, 2017 Common Cents

In an unusual move, the Senate Ways and Means Committee opted to revisit the revenue estimates for the General and Education Trust Funds they had decided and voted upon individually on May 17. The Committee concurred with the House Ways and Means Committee revenue projections for the Fish and Game Fund, and adopted the projections from the Governor’s proposed budget for the Highway Fund. The Committee then reopened the General and Education Trust Fund revenue estimates, and after a series of recesses, decided to increase projected revenues for the Business Profits and Business Enterprise Taxes, the Interest and Dividends Tax, and the Real Estate Transfer Tax for the upcoming State Budget biennium. (For more on the General, Education Trust, Highway, and Fish and Game Funds, see NHFPI’s Building the Budget resource.)

The revenue projections that were adjusted since the May 17 votes are shaded in the table below. The total revenue for the biennium, at $4,951.4 million, is $19.7 million below the Governor’s estimate, and above the House Ways and Means Committee estimate from March by $39.1 million. The $53.2 million increase in projected in revenue from the May 17 estimates stemmed from a $36.0 million increase in expected revenue from business taxes, an $11.8 million increase in expected Real Estate Transfer Tax revenue, and a $5.4 million increase in Interest and Dividends Tax revenue. Adjustments to the State fiscal year 2017 estimates were also boosted by increases in projected revenue from the two business taxes and the Real Estate Transfer Tax.

The differences across these revenue estimates indicate the extent to which projections can change for a two-year budget. The economic uncertainty is compounded by changes in the groups making the projections. Throughout the process of creating a budget, there are at least five different sets of revenue estimates, potentially made by five different groups of people. Revenue estimates are likely to change over these iterations due to updated revenue collection data and other factors. (For more on the different iterations of revenue estimates, see NHFPI’s Building the Budget resource.)

Senate Ways and Means Committee May 22 Revenue Estimates with Increases Highlighted

 

Senate Ways and Means Committee Increases Revenue Estimates (PDF)

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New Data Show Food Insecurity Levels Declining Prior to the COVID-19 Crisis

10 Sep 2020

tree with coins

According to data released on September 9 by the United States Department of Agriculture, food insecurity levels in New Hampshire continued to decline during 2019, prior to the onset of the ongoing COVID-19 crisis. The report outlines the trends of reduced food insecurity in the nation and in New Hampshire, declining from the higher levels resulting from the Great Recession of 2007 to 2009. The overall improvements to the state economy through 2019, along with the effectiveness of key nutritional aid programs, did contribute to lower levels of food insecurity, although the benefits of the economic recovery did not reach all Granite Staters in an equal or timely manner. Although food insecurity levels declined through the years preceding 2020, the current crisis facing Granite Staters is not reflected in these 2019 data. The recent economic pressures on many individuals and families with lower incomes in New Hampshire have been severe, and current levels of food insecurity are very likely to be substantially higher.