By GARRY RAYNO, InDepthNH.org
CONCORD — According to figures released Friday afternoon by the Department of Administrative Services, the state ended the 2022 fiscal year with a $429.7 million revenue surplus based on preliminary accrual adjustments.
The actual revenue and budget surpluses will not be determined until the state’s finances are audited and announced, usually by the end of the calendar year.
For the 2022 fiscal year, state revenues totaled $3.23 billion, which is $264.7 million more than last fiscal year.
The adjustments in revenue was about $400,000 according to the department.
According to the adjusted numbers, business taxes totaled $1.21 billion, which is a surplus of $220.8 million.
The interest and dividends tax, which begins phasing out this fiscal year, produced $156.2 million, which is a surplus of $36.2 million.
Also producing a significant surplus was the insurance tax at $16 million on returns of $154.9 million, and the real estate transfer tax with a $22.5 million surplus on returns of $232.3 million.
Two of the state’s historically reliable levies, the rooms and meals tax and the tobacco tax, both were significantly below estimates for the 2022 fiscal year.
The rooms and meals tax produced $306.5 million, $28.5 million below estimates, and the tobacco tax produced $232 million, or $20.4 million below estimates.
The communications tax was $10.6 million below estimates and returns on liquor sales were down $7.3 million from the revenue plan.
Both the Highway Fund and the Fish and Game Fund ended the year with revenue surpluses, according to the preliminarily adjusted figures.
The Highway Fund, which was significantly impacted by the early days of the pandemic, produced $258.3 million in fiscal 2022, a surplus of $7.4 million.
The Fish and Game Fund, which rebounded during the pandemic, produced $14.9 million during fiscal 2022, a surplus of $1.6 million.
July 2023 revenues
For the first month of the 2023 fiscal year, state revenues were $116.2 million, which is $13.9 million more than anticipated, but $4.2 million less than a year ago.
Business taxes continued their strong performance and the rooms and meals tax was higher than a year ago.
Business taxes produced $33.7 million for July, $4.5 million more than plan, and $1.2 million more than a year ago.
The rooms and meals tax produced $29.2 million, which is $8.9 million more than estimates and $1.7 million more than a year ago.
According to the Department of Revenue Administration, those figures represent a 2 percent increase in meals from a year ago and a 12 percent increase in hotel activity.
The real estate transfer tax also continued its strong showing, producing $23.9 million in July, which is $6.3 million more than estimates and $2.2 million more than a year ago.
The DRA said the number of transactions was down 15.7 percent over a year ago, but values were up 2.2 percent.
All other levies were near estimates except the tobacco tax which was down $3.4 million on returns of $18.4 million, which was $5 million less than a year ago.
The Highway Fund was slightly ahead of estimates at $21.1 million, while the Fish and Game Find was slightly below at $1.9 million.
Garry Rayno may be reached at firstname.lastname@example.org.