New Hampshire state budget (2010-2011)

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Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.

New Hampshire had a budget of $11.5 billion, including federal and other funds, for the two-year period that ended June 30, 2011.[1] On July 21, 2010, the state announced a surplus of $63 million for fiscal year 2010[2]Since 2006, New Hampshire's debt had increased by 30 percent, from $634 million to $823 million.[3]

As of July 2010, the state had a total state debt of $7,066,331,015, when calculated by adding the total outstanding debt, pension and OPEB UAAL’s, unemployment trust funds with the 2010 budget gap.[4]

2011 State spending & deficit in billions[5]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$6.9 $0.6 $1.5 $1. $0.9 $0.4 $0.6 $9.4
2011 Local spending & deficit in billions[5]
Total spending Pension Healthcare Education Welfare Protection Transport Deficit
$6.5 $0.0 $0.0 $2.5 $0.3 $0.7 $0.3 $3

Fiscal Year 2011

See also Archived New Hampshire state budgets

The state’s FY 2011 Comprehensive Annual Financial Report (CAFR) can be found here.

New Hampshire had a FY 2011 budget of $11.5 billion, including federal and other funds, for the two-year period that ended June 30, 2011.[1] On June 9, 2010, the New Hampshire House of Representatives in a one-day special session voted 177-167 to pass the supplemental budget measure, Special Session House Bill 1, which closed the state's projected $295 million budget gap using a combination of spending cuts, borrowing, and potential state land sales[1][6][7]

Budget background

See also: New Hampshire state budget and finances

New Hampshire does not have a state income tax.[8] New Hampshire operates on a biennium, covering two fiscal years at a time. A fiscal year begins on July 1 and ends on June 30 of the following year, however the biennium begins July 1 of odd-numbered years. According to the state Constitution, the Governor must pass a balanced budget and cannot carryover deficits.[9] Initially, individual state agencies submit their budget requests in the fall, prior to the Governor's completion of the recommended budget. At the beginning of the Legislative session the Governor presents a recommended budget to both the House and the Senate. Before the bill can be enacted into law the bill must pass both houses in the Legislature.[10]

Budget figures

The following table provides a history of New Hampshire's expenditures and gross domestic product (GDP).

Fiscal Year Expenditures (billions) GDP (billions)
2000 $6.2[11] $43.5[11]
2001 $6.6[11] $44.3[11]
2002 $7.1[11] $46.2[11]
2003 $7.7[11] $48.2[11]
2004 $8.3[11] $51.4[11]
2005 $8.7[11] $53.5[11]
2006 $9.0[11] $56.1[11]
2007 $9.4[11] $57.3[11]
2008 $9.8[11] $58.6[11]
2009 $10.2*[11] $60.0*[11]

Accounting principles

The Office of Legislative Budget Assistant (LBA) was created in 1953 to conduct investigations, analyses or research into the financial activities of New Hampshire State government entities. Pursuant to RSA 14:31, the Office consists of two divisions, the Audit Division and the Budget Division. The legislative budget assistant is appointed by the joint legislative fiscal committee prior to the beginning of each regular session of the legislature and is responsible for the proper execution of the respective functions of the audit and budget divisions. The LBA's audit reports can be found here.

The Division of Accounting Services is headed by the State Comptroller and is divided into two bureaus:[12]

  • Bureau of Accounting
    • Responsible for developing, administering and maintaining the state's integrated financial system (IFS) of governmental appropriation accounting and the state's payroll.
  • Bureau of Financial Reporting
    • Monthly Revenue Focus - the State's Monthly Unrestricted Revenue Report.
    • Annual Reports - the state's Annual Report to the Citizens, Comprehensive Annual Financial Report, the Supplemental Budgetary Financial Data Report, and the State Owned Real Property Report.
    • Interim Reports - Unrestricted Revenue Financial Review, Monthly Fund Appropriation and Undesignated Fund Balance, 10 year Trend and other special reports as requested.
Credit Rating Fitch Moody's S&P
New Hampshire[13] AA Aa2 AA

See also

New Hampshire state budget and finances

Footnotes

  1. ↑ 1.0 1.1 1.2 Business Week, "New Hampshire House passes $295M budget fix," June 9, 2010
  2. ↑ Nashua Telegraph, "Late tax payments boost NH surplus," July 22, 2010
  3. ↑ Watchdog, "New Hampshire debt climbs 30% in five years," August 24, 2010
  4. ↑ State Budget Solutions, “States Hide Trillions in Debt,” July 22, 2010
  5. ↑ 5.0 5.1 USA Spending, State Guesstimated* Government Spending
  6. ↑ New Hampshire Watchdog, "NH budget expert: spend less to fix budget mess," December 23, 2010
  7. ↑ New Hampshire General Court, "Special Session House Bill 1"
  8. ↑ Govspot.com, "Which states had no income tax," accessed October 31, 2009
  9. ↑ INPUT, "State Budget Process Tutorial," accessed April 15, 2009
  10. ↑ State of New Hampshire, "Annual Financial Reports," accessed April 15, 2009
  11. ↑ 11.00 11.01 11.02 11.03 11.04 11.05 11.06 11.07 11.08 11.09 11.10 11.11 11.12 11.13 11.14 11.15 11.16 11.17 11.18 11.19 US Government Spending, "New Hampshire State and Local spending," accessed April 15, 2009
  12. ↑ New Hampshire Department of Administrative Services, Division of Accounting Website, accessed October 31, 2009
  13. ↑ State of Indiana, “State Credit Ratings," June 24, 2009
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