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You are wondering what event happened on January 8th. Was it a political crisis, a natural disaster, a scintillating scandal? It was nothing that dramatic. John Lynch’s kryptonite was a simple letter written by the state Comptroller.

 

State law (RSA 9:13-e, III.) provides that, “In the event of a general fund operating budget deficit at the close of any fiscal biennium as determined by the official audit performed pursuant to RSA 21-I:8, II(a), the comptroller shall notify the fiscal committee and the governor of such deficit and request that sufficient funds, to the extent available, be transferred from the revenue stabilization reserve account to eliminate such deficit.”

 

So on January 5th the state Comptroller followed that law and wrote a letter to the Governor and the Fiscal Committee requesting, “… the transfer of $79,733,929 from the Revenue Stabilization Reserve Account (Rainy Day Fund) to the General Fund … to eliminate the General Fund operating deficit.” And on Black Friday, January 8th, the Fiscal Committee met to consider the Comptroller’s request and the contents of the letter became public.

 

That was the beginning of the end. After months and months of Democrats’ denying that their budget was unbalanced, after adopting more than 40 tax and fee increases, after multiple Executive Orders that were supposed to reduce state spending, after trying to steal $110 million from the Joint Underwriters Association, and after untold accounting gimmicks designed to push the problem down the road past the elections the public can finally see the truth.

 

The truth is New Hampshire actually has an $80 million budget deficit. Sadly that was only for last year’s budget. This year’s budget is projected to be in deficit at least an additional $260 million. In ancient times Nero fiddled while Rome burned. In modern times John Lynch smiles and shakes hands with the public and just fiddles while Democrats overspend.

 

Thanks to the state Comptroller we know the financial day of reckoning is here. We also know that the political day of reckoning is coming in November.