Senate Ways & Means Estimates $4.3B in Revenues for FY 2014-2015

CORRECTION***CORRECTION***CORRECTION 
 
Good afternoon,
 
The press release issued by this office earlier today entitled: Senate Ways & Means Estimates $4.3B in Revenues for FY14-15 requires CORRECTION.
 
Due to a formula error in the LBA spreadsheet, the $13.2M in beer tax revenue was not added into the totals for FY13 and FY14.  The attached spreadsheet corrects that error.
 
Correcting this error results in two changes to the release: 
 
·         The bottom line for Senate revenues for FY14 has increased to $2.152B instead of $2.139B.  However, the bottom line revenues for the biennium remain at $4.3B
·         The change in revenues for FY14 decreases the biennium  variation between the House and Senate to $61.4M as opposed to $74.5M.
 
We regret this error.  Please contact me if you have any questions.
 
 
Carole Alfano
Communications Director
New Hampshire State Senate
State House, Room 302
107 N. Main Street
Concord, NH 03301
603.271.2111 (desk)
603.496.0412 (cell)

 

final senate wm revenue estimate worksheet no met 5-14-13.xls

 

NH State Senate
NEWS RELEASE

For Immediate Release:
May 14, 2013
Media Contact:
Carole Alfano, 271.7585

Senate Ways & Means Estimates $4.3B in Revenues for FY 2014-2015
Total is $74.5M less than House, $162.7 less than Governor
Table now set for Finance Committee to finalize state budget for June 6th Senate vote

CONCORD – The Senate committee charged with estimating revenues came out with its projections today regarding how much money will be available to fund the state’s budget for the next two years.  After Ways and Means voted unanimously to set the number at $4.3 billion, Chairman Bob Odell, R-Lempster, issued the following statement:  

    “After careful consideration, the committee believes $4.3 billion is the base amount of state revenues we can expect for FY 2014-2015.  ($2.139B FY14 + $2.193B FY15) This puts Senate revenues at $74.5 million less than what the House proposed and $162.7 less than Governor Hassan’s budget. This base amount reflects revenues that have actually come in since the governor and the House had their turn with the budget and the fact our committee anticipates only modest growth in state revenues over the next two years.”

 

    “For the next biennium, the Senate comes out $92.4 million ahead of the House in business taxes. However, we do project lower, more conservative totals in other traditional revenue categories based on strong returns over the last few months of the current fiscal year.”

 

     “The major differences between the House and Senate estimates come by way of Schedule 2 adjustments.  This is where the House counted on additional funding from a tobacco tax increase, postponement of business tax cuts, and increased revenues from new DRA audits.  At a time when the business climate in New Hampshire appears to be improving, Senate Ways & Means did not believe relying on millions in new taxes on businesses and consumers was the way to balance the budget.  As a result, when you look at total estimates after adjustments, the Senate comes in $74.5 million lower than the House for the next biennium.”

 

   “Additionally, when you combine the revenues we can really trust with our MET payment issues, the Senate came up $300 million short of the revenues the House used to support its level of spending.”

 

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Teens Robbed of I-pod/Cell Phone

 

MANCHESTER, NH- On Monday, February 11, 2013, at about 6:30 PM, Manchester Police responded to a Clay Street address for a report of a robbery.  On arrival, they met with two 16 year old Manchester teens who reported they had been the victims of a robbery a short time earlier on Somerville Street, near Belmont Street.

 

According to the boys, they were walking in the area when they were approached by two men, one of whom demanded their belongings, indicating his companion had a gun, although no gun was observed.

 

One of the boys surrendered his I-pod Nano and Galaxy S3 cell phone and the men left.  They were last seen leaving the area as passengers in an older, dark colored 4-door sedan operated by a third individual who was possibly wearing a red sweatshirt.

 

The first suspect was described as a white male in his forties, about 6’3” tall with a slender build and dark “stubble” on his face.  He was last seen wearing a dark colored vest and a green “beanie” style hat.  The second man, alleged to have possessed a gun, was described as a clean-shaven white male in his forties with an average height and build.  He was last seen wearing a camouflage shirt and khaki pants.

 

Anyone with information about this incident is encouraged to contact the Manchester Police Department at 668-8711.  Anonymous tips for cash rewards can be made through Manchester Crimeline at 624-4040 or online at manchestercrimeline.org.