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Wed April 24, 2013
$15M From Tobacco Settlement To Help Balance State Budget
Governor Maggie Hassan says fifteen million dollars in unbudgeted revenue from a tobacco settlement will help to balance the state’s budget.
The Attorney General’s office says the state will get just more than $57 million this year as part of the multi-state settlement.
New Hampshire has received $42 million a year through the settlement over the past several years.
And that’s the amount that was assumed in this year’s budget.
But Associate Attorney General Richard Head says because this is a one-time lump sum payment, the state shouldn’t count on the additional revenue moving forward.
“Because the tobacco companies have been deducting a certain amount from our annual payment anyway, it’ll look very much the same to the annual payments we’ve been receiving since 2006.”
Shortly after the settlement announcement, Governor Hassan issued a statement, saying the money will help balance its current fiscal year budget.
Hassan says the deficit comes from shortfalls in Medicaid Enhancement Tax payments and unbudgeted spending for items such as funding for charter schools.
And she says projected savings worked into the budget from previous Legislature have not panned out.