NH Fiscal Year 2024 Revenues Begin on the Down Side

By GARRY RAYNO, InDepthNH.org | August 3, 2023

Night view back of the State House

By GARRY RAYNO, InDepthNH.org

CONCORD — State revenues for the new fiscal year did not meet expectations for July falling short by more than $4 million.

In figures released by the Department of Administrative Services Thursday afternoon, state revenues produced $118.2 million, while budget writers predicted $122.4 million.

A year ago, state revenues produced $116.2 million, meaning the current 2024 fiscal year began with $2 million more, but $4.2 million less than estimates for the first month of the 2024 fiscal year.

Business taxes remained strong for the month although they continued their trend from last fiscal year of greater than estimated business profits taxes offsetting less than anticipated business enterprise tax returns.

Overall, business taxes produced $39.8 million for July, $1.7 million more than estimates and $6.1 million more than a year ago.

According to the Dept. of Revenue Administration, “the increased business tax revenue over the same month prior year, was primarily due to an increase in corporation estimates.”

Corporate profits have driven higher business tax returns for several years.

Rooms and meals tax returns also were ahead of estimates by $1.4 million producing $30.6 million for July, and $1.4 million above a year ago.

According to the DRA, taxable meals were up 5.2 percent from a year ago, and hotel activity was up 6.3 percent.

Most other levies collected during July were less than estimates including the Real Estate Transfer Tax, which produced $20.3 million, which was $1.9 million below estimates, and $3.7 million less than a year ago.

According to the DRA, the number of sales were down 8.6 percent from a year ago, and values were down 10.2 percent.

The tobacco tax continued its trend from the prior year producing less than estimates at $16.7 million, or $2.4 million short, and $1.7 million less than a year ago.

The other category of small taxes and fees, which was boosted last year by interest earned on federal pandemic and infrastructure money, was $2.9 million below estimates producing $900,000, which was $200,000 more than a year ago.

Also below estimates for the month were the interest and dividends, insurance, communications and beer taxes, and liquor commission and securities returns.

The utility property tax was $200,000 more than estimates for July.

Both the Highway Fund and the Fish and Game Fund were below estimates for the first month of the new fiscal year.

The Highway Fund took in $20.6 million, which was $1 million less than estimates and $500,000 less than a year ago.

The Fish and Game Fund was $2.1 million, which is $100,000 less than estimates and $200,000 more than a year ago.

Lawmakers approved a budget for fiscal year 2024 that requires general fund and education fund revenues of $3.2 billion to remain in balance.

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

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