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Saturday, September 5, 2009

A growing hole: Sad state budget numbers

The Union Leader editorial page notes that state revenues for August were $17.6 million lower than expected.
That doesn't mean we should make state historians history right now. It's only August; the fiscal year is still new. However, identifying places in the state budget where we could save a few tens of millions of dollars would be a great idea.

Of course, that is always a great idea. But somehow legislators and the governor seem to come around to it only when there's a recession.

Republicans are hollering that the August numbers show that the Democrats' revenue forecasts were intentionally too rosy.
It's far too early to tell if revenues will meet their targets for the year. It is clear that the Department of Revenue Administration, which calculates the month to month revenue estimates after the Legislature sets the yearly targets, is still adjusting to a new Commissioner and a lack of institutional memory. September will likely tell the tale as quarterly business tax payments are due.

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