Earned interest on the State’s cash holdings remained high in August, due in part to elevated interest rates nationwide. Without this higher than anticipated interest income, revenues would have fallen below the State Revenue Plan for the General and Education Trust Funds in August by about $10.4 million (7.4 percent), rather than adding $3.6 million (2.6 percent above planed amounts) to the surplus. Revenue to these two funds combined in August, including interest payments and all other reported revenue, was below last year’s August revenues by $1.4 million (1.0 percent). 

Learn more in NHFPI’s September 2024 blog: August State Revenues Buoyed by High Interest Rates as Key Tax Sources Fall Short.