Posts by Phil Sletten
Policymakers will face the decision of whether to renew, extend, or make permanent these provisions after 2025.
While the median household income increased, the poverty rate held steady at 7.2 percent, reflecting that nearly 100,000 New Hampshire residents had very little income despite purchasing power growing for the median household.
While the majority of the funds have already been spent or are otherwise obligated to be spent, counties will need to have taken some additional action before December 31, 2024 on the approximately $52.3 million that were, as of the end of March, at some risk of recoupment by the federal government. Information from cities and towns suggested about $31 million in obligated funds remained at the end of March, although data were incomplete.
New Hampshire State revenues ended State Fiscal Year (SFY) 2024 in June with receipts slightly above expectations, but below the prior year, for the month. Overall, the State’s combined General and Education Trust Funds surplus for the total of SFY 2024 held at $146.5 million, or 4.6 percent, above the State Revenue Plan on a cash basis. However, about 87 percent of that total surplus amount was generated by two revenue sources that are likely to disappear in future years.
In total, the Legislature allocated about $105 million in General Fund revenue in this non-budget year, drawing on the revenue surplus to support new activities funded outside of the State Budget. The Legislature also approved $40 million in new borrowing for a new State prison for men, and approved an approximately $5 billion Ten Year Transportation Improvement Plan.