SPEAKER: HOUSE ANTICIPATED SHORTFALL AND PREPARED FOR IT

For Immediate Release

Contact: Speaker Teri Norelli

(603) 271-3661

SPEAKER: HOUSE ANTICIPATED SHORTFALL AND PREPARED FOR IT

CONCORD – House Speaker Terie Norelli today said the preliminary revenue report for fiscal year 2008 has come in at about what had been expected.

            “That is why we have taken a number of steps to deal with this revenue shortfall,” she said.

            The House had already anticipated, because of the national economic downturn, to come up short in revenues from the business enterprise and profits taxes, real estate transfer tax and lottery commission.

            “We expected these to be affected,” Norelli said. “The housing market is way down. People are not eating out as much; people are putting money into their gas tanks, not buying lottery tickets or liquor.”

            Norelli said the 2008 revenue figures were the reason for the special session last month that included action to avoid a deficit. Among the provisions put into place was the requirement that Pease Development Authority repay the approximately $10.5 million it owes the state, and, if necessary, the bonding of school building aid in 2008 to ensure a balanced budget and the bonding of up to $40 million of school building aid in 2009.

            “That action, combined with the steps we’ve taken to cut back our expenditures, show we continue to operate very carefully and responsibly,” she said.