For Immediate Release
August 5, 2014
CONCORD – Governor Maggie Hassan today issued the following statement on the preliminary July revenues:
“Meals and rooms revenue and other key indicators remained strong in July, demonstrating that our economy continues to improve. However, shortfalls in revenues from business taxes and the interest and dividends tax make it increasingly clear that the changes made to the tax code by the last legislature are having a negative impact on the state’s budget. Based on the trends we are seeing, I am asking the Consensus Revenue Estimating Panel to meet and provide updated Fiscal Year 2015 revenue estimates, an effort that I hope legislative Ways and Means members will bring their expertise to as well.
“As we recast our revenue estimates for 2015, I will be directing state agencies to put all potential large expenditures on hold, and the spending, out of state travel and hiring freezes that I enacted earlier this year will remain in effect. I will be working with agency heads to identify other potential steps to ensure a balanced budget. We must continue to work together across party lines to address these revenue trends and responsibly manage the state’s budget while protecting our bipartisan priorities.”