My Turn: Budget details should be a warning flag to local governments, school districts
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New Hampshire finally enacted a state budget last month, nearly three months after the last one expired. While there are many aspects, both good and bad, within the budget, there is one area that should concern every property taxpayer in the Granite State.
The new budget takes nearly $110 million in surplus from the last budget and redirects these funds to cities and towns ($40 million) and to local school districts (over $68 million). This is a one-time payment to communities of non-repeating revenue that is the result of federal tax reform, according to the state’s Department of Revenue Administration. While it’s possible that the state’s revenue picture could match those levels again soon, the odds are against it, based on the first three months of tax receipts for the new fiscal year.