New Hampshire state revenue collections for the first quarter of the fiscal year were slightly off target – $2.8 million less than expected. October 2012 revenues, however, are looking stronger, and it is possible that shortfall-to-date could be erased by the end of this month.
October is a relatively modest month for state revenue, with just $100 million expected to come in the door. (Only February and May are smaller months for state tax collections.) But the daily revenue reports for October 2012, with a week in the month still remaining, show that the state has already essentially hit the month's target.
In October 2011, an additional $6.3 million came into the state coffers in the final four days of the month. If that pattern repeats itself this year, we could see state revenues for the first four months of the fiscal year ahead of projections.
Looking beyond the bottom line collections, New Hampshire business tax receipts in October have been above projections, as have meals-and-rooms tax receipts. Both tobacco and liquor sales, however, have seen shortfalls.