Posts by Phil Sletten
State revenue collections in December, a key month for State revenues, offered both good news for the State’s overall financial picture and more cautionary signs for underlying revenue strength.
According to the analysis, about 23 percent of New Hampshire households did not have non-retirement savings, such as money in a checking or savings account, totaling more than $2,000 in 2022. That figure rose to 30 percent for Granite Staters in rural northern and western New Hampshire, 32 percent for Manchester residents, and 31 percent for Granite Staters of color statewide.
As many Granite Staters ring in the New Year, they may also find themselves reaching deeper into their wallets to pay certain State fees. Starting January 1, 2026, up to 58 new or increased State fees and fines take effect in New Hampshire, primarily for motor vehicle registrations but also potentially for accessing health services.
State revenue collections in November yielded the first monthly surplus since the State’s fiscal year began on July 1. However, the sources of the surplus provided mixed indications about State revenue trends in the future, and offered no concrete assurance that revenue surpluses would continue in the coming months.
Most families in the United States have their Thanksgiving traditions: turkey, pie, gratitude, and perhaps at least one confidently delivered “fact” that isn’t actually a fact. This year, we’ve got you covered.
State revenues collected in October fell below the State’s target amounts for the month, primarily because of the repeal of the Interest and Dividends Tax resulting in difficult-to-predict final revenues as taxpayers collect refunds. Other revenue sources offered a mixture of signals, with some major revenue sources performing well and others slipping behind expectations.
State revenues collected in September were below the State’s target amounts for the month, giving the first clear indication of the new fiscal year that declining business tax revenues are not yet turning the corner back to growth.
The federal government ran out of funding for many of its operations on October 1, leading to a “shutdown” of many activities. Much of the federal government will keep running, but the exact scope of services that will be put on hold until funding resumes is governed by a combination of laws and decision-making by the federal officials.
New Hampshire’s economy has been moving beyond the impacts of the COVID-19 pandemic, but some of the changes appear to be here to stay.
May is not a critical month for State revenue collections, but policymakers in the State Budget’s Committee of Conference have been seeking any additional information they can find that could help inform final revenue projection negotiations for the budget. As a result, revenues in May have received more scrutiny than usual as policymakers look for hints about the future.