State Revenues Continue to Run Ahead of Schedule

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Night view back of the State House

By GARRY RAYNO, InDepthNH.org

CONCORD — State revenues continue to return better than expected receipts, with coffers holding about half a billion dollars in revenue surplus going into the final month of the 2023 fiscal year.

Business taxes continue to be strong along with good returns from the rooms and meals tax and the lottery commission. An added benefit from the surplus and federal pandemic funds not yet spent is about $15 million in interest on the money.

For May, the state took in $152.5 million, which is $34.1 million more than estimated for the month in the state revenue plan for the biennium ending June 3.

For the year to date, with only one month remaining before a new biennium and fiscal year, revenues totaled $2.88 billion, which is $21.5 million less than a year ago, but $487 million more than estimates and ahead of what budget writers estimated the state would receive for the fiscal year, $2.69 billion.

Business taxes produced $43 million in May, which is $15.5 million more than estimated and $3.1 million more than a year ago.

According to the Department of Revenue Administration, the increase in business taxes over a year ago is primarily due to an increase in estimates.

For the year to date, businesses taxes have produced $1.11 billion, which is $285 million more than estimated and $58.7 million more than a year ago.

The state’s second biggest revenue producer, the rooms and meals tax, produced $22.2 million, which is $2.8 million above estimates, but $500,000 less than a year ago.

For the fiscal year to date, the levy has produced $292.2 million, which is $69.1 million more than estimates and $12.3 million more than a year ago.

According to the DRA, the May figures represent a 3.9 percent increase in taxable meals.

The “other” category of small levies and fees was up $15 million over estimates producing $17.3 million for May with the DRA saying the surplus is primarily due to interest earned.

The Lottery Commission produced $14.6 million for May, which is $3.9 million more than estimated, and $1.9 million more than a year ago.

For the year to date, the commission has produced $160.3 million for education, which is $36.3 million more than a year ago, and $44.6 million more than budget writers estimated.

Other levies producing more than anticipated were the interest and dividends, and insurance taxes, and court fines and fees.

The tobacco tax continues to produce less than anticipated, $17.6 million, which is $600,000 less than estimates and $1 million less than a year ago.

Other levies producing less than anticipated are the communications, real estate transfer, beer, and utility property taxes, securities registrations, and liquor commission returns.

The Highway Fund rebounded in May producing $22.3 million for the month, which is $1.8 million above estimates and $2.3 million more than a year ago.

For the fiscal year to date, the Highway Fund, which includes the gas tax and auto registrations among its sources of money, produced $230.9 million, which is $900,000 below estimates and $1.9 million less than a year ago.

The Fish and Game Fund produced $2.7 million in May, which is $800,000 more than estimates and $700,000 more than a year ago.

For the fiscal year, the fund has taken in $13 million, which is its estimate, but $500,000 less than a year ago.

June revenues are anticipated to be around $300 million.

Garry Rayno may be reached at garry.rayno@yahoo.com.

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