Report shows NH had roughly $160 million state surplus last year
CONCORD (AP) — Strong state revenues allowed New Hampshire to end the last fiscal year with a nearly $160 million surplus.
The final numbers are part of the state's annual financial report released Tuesday that covers the year ending June 30, 2016. The report says $88.5 million of the surplus went into the state's general fund, while about $70 million went into the Rainy Day fund, giving it a much higher balance than normal.
Business taxes performed roughly 23 percent better than expected. The tax on rooms and meals also came in ahead of projections.
Now in the budget's second year, the state is projecting a shortfall in the health department. The budget ends June 30. Gov. Chris Sununu will present his plan for the next two-year budget next week.