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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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Republican Review Issue #28

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

Republican Review 28

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Republican Review Issue #27

Posted by on Feb 14, 2014 in Republican Review Newsletter | 0 comments

Republican Review 27

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Republican Review Issue #26

Posted by on Feb 8, 2014 in Republican Review Newsletter | 0 comments

Republican Review 26

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Republican Review Issue #25

Posted by on Jan 31, 2014 in Republican Review Newsletter | 0 comments

Republican Review 25

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Republican Review Issue #24

Posted by on Jan 24, 2014 in Republican Review Newsletter | 0 comments

Republican Review Issue #24

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Republican Review Issue #23

Posted by on Jan 17, 2014 in Republican Review Newsletter | 0 comments

Republican Review Issue #23

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Republican Review Issue #22

Posted by on Jan 10, 2014 in Republican Review Newsletter | 0 comments

Republican Review Issue #21

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Rep. Laurie Sanborn: NH House Democrats plan to raise taxes, increase regulations

Posted by on Jan 9, 2014 in House Editorials | 0 comments

Democratic House Speaker Norelli’s plans for growing the economy, as stated in her column in the Jan. 5 New Hampshire Sunday News, involve more taxpayer-funded spending, more regulations and costs imposed on New Hampshire employers, higher taxes and unnecessary expansion of government and its intrusion into our daily lives.

Republicans have a different way to grow the New Hampshire economy, encourage job creation and keep youth in our state. And it doesn’t involve you paying more taxes.

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House Republican Leader Comments on House Democrats’ Surprise Medicaid Expansion Amendment

Posted by on Jan 6, 2014 in News & Updates, Press Releases | 0 comments

CONCORD – House Republican Leader Gene Chandler offered the following statement in reaction to the op-ed by House Speaker Terie Norelli (D-Portsmouth) published over the weekend. In the op-ed the Speaker indicated that House Democrats would offer an amendment to a retained 2013 bill that would include Medicaid Expansion legislation. Language of the amendment has not been released.

House Republican Leader Gene Chandler (R-Bartlett)

“House Democrats have again chosen to ram this significant policy change through with little or no debate. This is one of, if not the largest expansion of a government entitlement program the New Hampshire legislature has ever faced. Attaching such an expansive piece of legislation to an unrelated bill is not the right way to approach any issue, much less something of this scale. On Wednesday, the House will be asked to vote on an amendment we haven’t even seen or been able to review. There will be no public hearing or opportunity for public input. It’s unfair to our Representatives and to our constituents. This is not how we should do things in New Hampshire.”

“Why this surprise amendment is even necessary is beyond me. Democrats will have a bill in the 2014 session that will address the same issue, and we will have an opportunity to thoroughly debate the merits of the policy. We see enough of this type of politics from Washington and we don’t need it here in New Hampshire. New Hampshire citizens deserve better.”

“There are many issues and questions still unanswered regarding Medicaid expansion. One recent study showed that in Oregon emergency room use by those covered under expanded Medicaid increased by 40%; exactly the opposite of what we have been told would be a reduction in these types of uses. This is just one example of why New Hampshire should take the time to have a thorough debate on this evolving issue so we can come up with the right answer for New Hampshire.”

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Republican Review Issue #21

Posted by on Nov 25, 2013 in Republican Review Newsletter | 0 comments

Republican Review Issue #21

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Republican Review Issue #20

Posted by on Nov 8, 2013 in Republican Review Newsletter | 0 comments

Republican Review Issue #20

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Republican Review Issue #19

Posted by on Oct 18, 2013 in Republican Review Newsletter | 0 comments

Republican Review Issue #19

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House Calendar – October 18, 2013

Posted by on Oct 17, 2013 in News & Updates | 0 comments

We will post a link to the House Calendar weekly. The House Calendar is a publication of the NH House Clerk’s office.

Click here to view this week’s  calendar 

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House Calendar – October 11, 2013

Posted by on Oct 10, 2013 in News & Updates | 0 comments

We will post a link to the House Calendar weekly. The House Calendar is a publication of the NH House Clerk’s office.

Click here to view this week’s  calendar

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House Calendar – October 4, 2013

Posted by on Oct 3, 2013 in News & Updates | 0 comments

We will post a link to the House Calendar weekly. The House Calendar is a publication of the NH House Clerk’s office.

Click here to view this week’s  calendar

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House Calendar – September 26, 2013

Posted by on Sep 26, 2013 in News & Updates | 0 comments

We will post a link to the House Calendar weekly. The House Calendar is a publication of the NH House Clerk’s office.

Click here to view this week’s  calendar

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Republican Review Issue #18

Posted by on Sep 26, 2013 in Republican Review Newsletter | 0 comments

Republican Review 18

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Republican Review Issue #17

Posted by on Jul 12, 2013 in Republican Review Newsletter | 0 comments

Republican Review Issue 17

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