State had $13.8 million surplus in fiscal 2012
CONCORD – The state had a $13.8 million surplus from the fiscal 2012 budget, Gov. John Lynch announced Wednesday.
Lynch said the surplus is the result of a “very, very aggressive fiscal management.”
The 2012 surplus is despite significantly lower tobacco tax and Medicaid enhancement tax revenues, and $22 million in lower auditing revenue from the Department of Revenue Administration, Lynch said.
The lower tax receipts were offset by higher business and rooms and meals taxes, budget adjustments and a $17.7 million surplus from the previous fiscal year.
Lynch praised his department heads for closely managing their budgets, noting they faced significant challenges in the budget adopted by lawmakers, which he refused to sign.
The unaudited report will be released this afternoon.
The audited financial report for the 2012 budget will not be completed until the end of the year.
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