Revenues slip, but NH still on track for for fiscal year
CONCORD -; State revenues for December were $6.3 million below plan for the month, but remain on track for the first half of the 2014 fiscal year.
December revenues were $182.7 million, $6.3 million below estimates of $189 million. During the first six months of the fiscal year, the state took in $872.1 million, $17 million ahead of estimates and $8.6 million more than a year ago.
The state utility property tax accounted for more than half of the shortfall for December, producing $6.9 million, while estimates were for $10.6 million. However, for the fiscal year to date, the levy has produced $16.2 million, which is $2 million more than a year ago, but $2.6 million less than budget estimates.
Businesses taxes were $1.5 million more than estimates, producing $87.9 million for December and a total of $241.6 million for the first half of the fiscal year, which is $3.6 million more than estimates and $1.3 million more than a year ago.
The rooms and meals tax produced $18.5 million for the month -; $1.3 million more than estimates -; for a total of $146.3 million which is $5.8 million ahead of the budget plan and $7.8 million more than a year ago.
On the down side, the real estate transfer tax produced $7.6 million in December, which is $1.3 million less than budget writers planned. For the year to date, the levy has produced $57.3 million, which is $4.3 million more than estimates and $6.8 million more than last year.
Also performing below estimates were transfers from the Lottery Commission, the tobacco tax and the interest and dividends tax.