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Wednesday, November 4, 2009

State revenues off by $38 million

The Union Leader reports on state revenues through October, which have come in below expectations, and added $38 million to the state's fiscal problems.
A monthly report from the Department of Administrative Services shows the state took in $204 million in taxes and other revenues last month, $12 million short of the month's budget target.

Through the first four months of this fiscal year, the state has taken in $585 million, instead of the $623 million the budget was built to have at this point. The figures include $97 million in revenue to the Medicaid program from the federal government.

The DAS report shows that overall, tax revenues this fiscal year are below last year's levels by $4.6 million, less than 1 percent. October is a major revenue producer because of the concentration of business taxes that are paid. December is the next big month on the tax calendar.

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