hassan consensus revenue pr

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Office of New Hampshire Governor Maggie Hassan

For Immediate Release: Contact: Marc Goldberg

Wednesday, January 23, 2013 (603) 271-2121

(610) 716-5694 (cell)

Governor Hassan Issues Executive Order Creating

Consensus Revenue Estimating PanelPanel of Experts Will Advise Governor

On State Revenue Projections Throughout Budget Cycle

CONCORDFulfilling her commitment to implement fiscally responsible reforms to the statebudgeting process, Governor Maggie Hassan issued an Executive Order today creating aConsensus Revenue Estimating Panel. The panel of experts will work to periodically develop

and update revenue estimates and provide advice to the Governor both through the budget

process and after the budgets adoption.

The Governors Consensus Revenue Estimating Panel will be chaired by Gerard Murphy, the

Governors Budget Director. The members are Linda Hodgdon, Commissioner of theDepartment of Administrative Services (or designee); Kevin Clougherty, Commissioner of the

Department of Revenue Administration (or designee); Richard Samuels, a director of the New

Hampshire Business and Industry Association and an attorney at McLane, Graf, Raulerson and

Middleton; Dennis Delay, an economist with the New Hampshire Center for Public Policy; JeffMcLynch of the New Hampshire Fiscal Policy Institute; and Ross Gittell, an economist and

Chancellor of the Community College System of New Hampshire.

A balanced budget is the cornerstone of a strong economy, and a fiscally responsible balanced

budget requires revenue estimates that are as reliable and accurate as possible, said GovernorHassan. By bringing together experts from the business community, academia, and the public

sector, we can work to improve our revenue estimates and ensure more accurate informationthroughout the budget process. I thank the members of our Consensus Revenue Estimating Panel

for agreeing to serve their fellow citizens by supporting our efforts to balance the budget while

protecting our priorities.

The panels responsibilities include reviewing revenue estimates to confirm accuracy andreliability; monitoring variables materially impacting estimates such as employment, population

trends, interest rates, income, business growth trends and other indices as are appropriate; andproviding periodic revenue estimates to the Executive branch and to share such estimates with

the Legislative branch. Once the budget is adopted, the panel will meet regularly to review

revenue estimates and to help ensure that the state remains on track for a balanced budget.Legislative leaders will also be invited to meetings of the panel to ensure an open and

informative exchange of information between the Executive and Legislative branches regarding

revenue projections.


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The first meeting of the Governors Consensus Revenue Estimating Panel will be tomorrow,Thursday, January 24, at 3:30 p.m. in the Executive Council Chamber at the State House.

The full text of the Governors Executive Order can be found below:

STATE OF NEW HAMPSHIRE

BY HER EXCELLENCY

MARGARET WOOD HASSAN, GOVERNOREXECUTIVE ORDER 2013-1

an order establishing the Governors consensus revenue estimating panel to enhance the Statesability to manage its fiscal policies

WHEREAS, the States ability to manage its fiscal policies in an efficient and reasonable

manner is dependent upon the integrity of its revenue forecasting;

WHEREAS, improving the accuracy of revenue forecasts lead to more effective andreliable policy decisions;

WHEREAS, there continues to be a clear need for a more systematic and consistent

method of forecasting state revenues;

WHEREAS, a consensus revenue estimating panel comprised of expert economists to

advise the Governor and Executive branch would improve the revenue estimating process; and

WHEREAS, revenue forecasting would be more reliable if representatives from the

business and academic communities were included on the Governors revenue estimating

process;

NOW, THEREFORE; I, MARGARET WOOD HASSAN, GOVERNOR of the State ofNew Hampshire, by the authority vested in me pursuant to Part II, Article 41 of the NewHampshire Constitution, do hereby establish, effective January 23, 2013, a State Consensus

Revenue Estimating Panel that shall be comprised of the following representation:

The Governors Budget Director or Designee, who shall also serve as Chair;

The Commissioner of the Department of Revenue Administration, or Designee;

The Commissioner of Administrative Services, or Designee;

A member of the public with experience analyzing revenue trends;A member of the public with experience analyzing variables impacting the State s

economic forecast;

A member of the public who is an economist from the academic community; andA member of the public who has experience in tax law and policy.

FURTHER, the State Consensus Revenue Estimating Panel shall be charged with the

following responsibilities:

A. To review revenue estimates and confirm accuracy and reliability;

B. To monitor variables materially impacting estimates such as employment, populationtrends, interest rates, income, business growth trends and other indices as are appropriate;

and


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C. To provide periodic revenue estimates to the Executive branch and to share suchestimates with the Legislative branch.

FURTHER, the Chair shall extend an invitation to Legislative leaders to ensure an openand informative exchange of information regarding revenue projections;

FURTHER, it is ordered that all Commissioners of State agencies that collect and

monitor revenues cooperate with and assist the State Consensus Revenue Estimating panel in its

work, including:

Commissioner of the Department of TransportationCommissioner of the Department of Safety

Commissioner of the State Liquor Commission

Commissioner of the Department of InsuranceCommissioner of the Department of Health and Human Services

Given at the Executive Chambers in Concord, this

twenty-third day of January, in the year of Our Lord, twothousand and thirteen and of the independence of the

United States of America, two hundred and thirty-seven

Margaret Wood Hassan

GOVERNOR OF NEW HAMPSHIRE

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