House and Senate Republican leaders are applauding the preliminary estimate that the state will end the year 9 million dollars in the black. If that number holds, it will be the first year in the past five that the state would be able to add to its rainy day fund --- the pot of money that it keeps in reserve.
But as New Hampshire Public Radio's Jon Greenberg reports, the durability of the estimated surplus is in question.
The state treasurer, Michael Ablowich, is grateful that the year may have ended on the positive side of the ledger. But he and other budget watchers have yet to see the documents that would support the finding of such a surplus. A final tallying up of last minute expenses as well as revenues is not due for another month.
Ablowich does note that when the legislature passed the current budget, it had planned on a surplus that was supposed to be considerably larger.. about 45 million dollars compared to the estimated nine million.
ABLOWICH
State Treasurer Michael Ablowich. His uncertainty over the budget includes the year that just ended. He says the surplus could just as easily grow or disappear depending on the final accounting.
Governor Benson sees the current estimate as a vindication of his leadership. A surplus could only help him in an election year. But this week he has to persuade a group that is at least as discriminating as the voters. He plans to meet with representatives of the bond rating agencies when he goes to New York City for the Republican National Convention.
A key question is whether the people who determine how much interest the state must pay on its loans will be impressed with the governor's preliminary numbers.
For NHPR News, I'm Jon Greenberg.
