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How New Hampshire’s Paltry Rainy Day Fund Stacks Up

Posted by on Apr 11, 2014 in News & Updates | 0 comments

Rainy Day Fund Comparison

New Hampshire’s Rainy Day Fund – sometimes called the Revenue Stabilization Account and in other states may be called the Budget Reserve Account – was tapped by previous legislatures under Democrat control to maintain or increase spending levels in the down economy.

Under the 2012-2013 Republican budget, New Hampshire was left with a surplus. While most of the money in the surplus was used to help fund the 2014-2015 budget, there is about $15 million left over.

What should we do with the money? Republicans in the House and Senate agree that we need to begin rebuilding our Rainy Day Fund. In a presentation to the Senate Finance Committee in January, then State Treasurer Cathy Provencher agreed. She said in order to maintain New Hampshire’s credit rating, we should strive to have a balance equal to 5%-10% of unrestricted general fund revenue.

5% = $70 million, 10% = $140 million. Our current balance of $9.3 million equals just 0.7% of General Fund Unrestricted Revenue.

House Democrats have passed a bill, HB 1411, that spends a large portion of the surplus. They have also passed a bill, HB 1635, that spends some of the projected surplus from the current budget.

We decided to take a quick look to see how New Hampshire stacks up to our New England neighbors when it comes to financial security. As it turns out, New Hampshire ranks last in both overall balance, and when balance is compared to the overall population of the state. Here are the results, given the more recent information we could find.

STATE

RESERVE FUND BALANCE

$ PER CAPITA

Massachusetts

$1.369 Billion

$205

Connecticut

$270 Million

$75

Rhode Island

$176 Million

$168

Maine

$60 Million

$45

Vermont

$62.5 Million

$100

New Hampshire

$9.3 Million

$7

It’s time to bring New Hampshire back from the brink. SB415, a bill that would deposit the entire $15 million surplus into the Rainy Day fund, will be before the House soon. We have the chance to begin to rebuild New Hampshire’s financial security. $15 million may not get us to our goal, but it is a small and important step.

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FAQ’s on the Gas Tax Increase (SB367)

Posted by on Apr 11, 2014 in News & Updates | 0 comments

(PDF Download)

Whether or not you support the concept of a gas tax increase, we thought it would be helpful to clarify some of the misconceptions about SB367. With all due respect to the bill and its supporters, before jumping into one of the largest tax increases in recent history, we need to take a hard look at the intricacies of this bill and the system by which the revenue would be used.

We hope you find these points informative.

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House Republicans Comment on Passage of Paint Tax Bill

Posted by on Mar 20, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) and member of the House Environment & Agriculture Committee, John O’Connor (R-Derry), offered the following comments relative to House action today on HB1570, a bill that would impose a tax on paint sellers that would fund a new government program for paint disposal. The bill passed by a vote of 161-142.

House Republican Leader Gene Chandler (R-Bartlett)

“This bill proposes a new tax, is anti-free-market, and anti-small business. This bill would impose a new tax on paint, borne by the retailers. Some proponents may say that sellers could absorb the tax – currently 75 cents per gallon in the three states where the program is in effect. Maybe large box stores, with deep pockets can, but those small town mom-and-pop hardware stores cannot. This new tax will no doubt get passed on to the consumer in the form of higher prices. If this tax bill becomes law, New Hampshire consumers can look forward to higher home improvement costs.”

Rep. John O’Connor (R-Derry) House Environment & Agriculture Committee member

“Any paint manufacturer not willing to sign on with this program will not be allowed to sell their products in NH. This will essentially eliminate the ability for new, small paint companies to enter the New Hampshire market and reduce competition and stifles innovation.”

“The bill as proposed is far from ready for prime time and has too many weaknesses to name. There are major legal questions that have yet to be vetted by the Attorney General’s office, including antitrust concerns. This tax bill picks favorites and hits small retailers and consumers without effectively addressing the full scope of the problem it’s trying to resolve.”

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House Republican Leader Comments on Additional Bill That Spends Surplus

Posted by on Mar 20, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) released the following statement relative to the House vote on HB 1635, the second bill of the week that reopens the state budget to increase spending by using estimated budget surplus dollars. The bill passed by a vote of 173-125.

House Republican Gene Chandler (R-Bartlett)

“In just two days, the Democratically controlled House has passed two bills that spend surplus funds and reopen the budget to increase spending. This is not fiscally responsible. We had an opportunity to bolster our state rainy day fund by saving the entire 2013 surplus, something the State Treasurer agrees is the right thing to do.  Yesterday, when the House passed HB 1411, almost half of those funds were spent. Now, by passing HB 1635, we are not only opening up the budget once again, we’re spending money we don’t have yet. We’re now proposing to use funds from the current budget surplus, which is only anticipated, not guaranteed.  This is a disturbing trend that most New Hampshire citizens wouldn’t consider for their own household budgets.”

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House Republican Policy Leader to be Featured at GOPAC Town Hall

Posted by on Mar 12, 2014 in Press Releases | 0 comments

GOPAC Contact: David Avella, 202-464-5170

Sanborn to Tout Conservative Ideas at New Hampshire Town Hall

Washington, D.C. – Today, GOPAC announced New Hampshire House Republican Policy Leader, Representative Laurie Sanborn (R-Bedford), will be  featured at their Emerging Leaders Town Hall on March 15, 2014 during the Northeast Republican  Leadership Conference in Nashua, New Hampshire. The panel will also include state Senator Bryce Reeves (VA),  and state Representative Tony Hwang (CT). As part of GOPAC’s Emerging Leaders program, the Town Hall will promote these promising state  leaders and provide them a platform to advance the ideas and solutions they are championing.

GOPAC Chairman Frank Donatelli

“As the Republican Policy Leader in the New Hampshire House, Representative Sanborn is leading  efforts to advance ideas for more private sector jobs. She is very effective at explaining how  conservative principles can be applied to provide common sense solutions. For example, among her accomplishments is improving fairness of audits on small business by putting the burden of proof on the state Department of Revenue.”

House Republican Policy Leader Laurie Sanborn (R-Bedford)

“I am honored to be selected by GOPAC and look forward to leading a Republican resurgence in New Hampshire with a focus on jobs, the economy, and small government.”

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House Republican Leader Comments on Job Killing Minimum Wage Bill

Posted by on Mar 12, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) offered the following statement relative the House vote on HB1403, which raises the minimum wage in New Hampshire by 24% to $9 per hour. The bill passed by a 173-118 vote.

House Republican Gene Chandler (R-Bartlett)

“This bill will negatively affect our job climate in New Hampshire and threaten the viability of many small and medium sized businesses especially in the hospitality industry, which many workers in our state depend on.  For many small employers, a government mandated 24% wage increase is just not affordable, and they may have to reduce their overall number of employees or try to raise prices to compensate. In this economy, this is not a viable option.”

“The Congressional Budget Office estimates that with this type of increase, between 500,000 and 600,000 jobs could be lost nationally, with as many as 2000 jobs cut in New Hampshire.”

“Just one medium sized restaurant in the Mount Washington Valley stated that it would cost them $20,000 to pay for this increase. In this economy there is no way they can afford this.”

“Raising the minimum wage will also eliminate job opportunities for our young workers who rely on entry level, part time, or seasonal jobs for valuable work experience.”

“Our business community is compassionate and more than capable of making reasonable decisions that best suits the needs of their employees and the viability of their businesses.”

“Republicans aren’t against higher wages. We are proponents of creating the economic conditions for businesses to thrive to ensure everyone has the opportunity to earn a decent wage. Government mandates do exactly the opposite.”

“Tying the minimum wage to an unpredictable index sets us up for major trouble. The Consumer Price Index can increase in a bad economy. I can’t imagine how proponents of this bill plan on explaining future automatic wage increases even during a recession. This could have disastrous consequences for our mom-and-pop operations.”

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House Republican Leader Congratulates Kenney on Victory in Council Race

Posted by on Mar 12, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) today offered the following statement congratulating Republican Joe Kenney, the victor in the highly contested Executive Council race in District 1.

House Republican Leader Gene Chandler (R-Bartlett)

“Joe ran an exceptional campaign in a very difficult district to navigate. This is a positive start for Republicans in a competitive election year. This should provide encouragement and incentive for Republicans to come forward and seek election to the NH House and other offices in 2014.”

“House Republicans are grateful to have Joe back in the State House and to have an additional Republican on the Executive Council to keep an eye on state spending and appointments. I’m sure he will be a worthy successor to my good friend Ray Burton. I and other House members look forward to working with him in Concord and at home in District 1.”

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House Republican Leader Statement on Bill Prohibiting Electronic Devices While Driving

Posted by on Mar 5, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) today offered the following statement relative to the House passage of HB1360, a bill that would prohibit reasonable use of phones and electronic devices while driving. The bill passed by a 192-133 vote.

House Republican Leader Gene Chandler (R-Bartlett)

“We have good, reasonable laws on the books that prohibit distracted driving of any kind, whether those distractions are food related, pet related, person related or phone related. This bill unfairly suggests all users of cellphones or electronic devices are distracted. The vast majority of drivers have been operating their vehicles safely for years, even before hands-free technology hit the market. We should be enforcing distracted driving laws as they stand, rather than ending the use of cellphones for everyone.”

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House Republican Leader Statement on Republican Effort to Cut Meals Tax

Posted by on Mar 5, 2014 in Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler (R-Bartlett) today offered a statement following the defeat of a Republican sponsored bill that would have provided a cut in the tax on meals in New Hampshire, from 9% to 8%. The bill was defeated by a vote of 184-148.

House Republican Leader Gene Chandler (R-Bartlett)

“Republicans will continue to explore reasonable ways to lower the tax burden on our hard working citizens. While some would like you to believe the meals tax is primarily paid by those who visit our state as tourists, the reality is that you and I pay it on our morning coffee or bagel, our grilled cheese at lunch, or our pizza dinner with the family. Lowering taxes like the meals tax is something I hope we continue to discuss as ways to help families keep more of their hard earned money in their own pockets.”

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Republican Review Issue #28

Posted by on Feb 21, 2014 in Republican Review Newsletter, Uncategorized | 0 comments

Republican Review 28

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