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Charlie Arlinghaus join Jack Heath on NH Today to talk about the end to the state’s Fiscal Year, and why the decision to be adopt fairly pessimistic revenue estimates last year is paying off now. Tune into The Josiah Bartlett Report every Wednesday at 5pm on 107.7 The Pulse, or online at WTPLfm.com.
Posted under Blog, Featured.
Tags: Charlie Arlinghaus, Jack Heath, NH Budget, Revenues
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2:18 pm on July 11th, 2012
“Pessimistic” revenue estimates? That is the WRONG term. In accounting it’s what is called the “conservative” approach – not to be confused with conservative ideology. It’s “prudent” (that’s a much better description) and in conformance with GAAP (Generally Accepted Accounting Principles) to use a “conservative” approach and over estimate expenses, and underestimate revenues when there is uncertainty. That’s just the standard in private sector accounting – or it should be. If we use GAAP principles when estimating revenue estimates NH’s budgets will be much more likely to balance.
As a member of Ways and Means in the House in the 80s it was disgusting to watch the games played with revenues – by BOTH Parties.
Bill O’Brien has been a master at providing competent revenue estimates in the spirit of GAAP. He deserves kudos.
He wasn’t being “pessimistic”, he was being prudent and using GAAP!
2:21 pm on July 11th, 2012
Bob,
I think you’re reading a lot into a single word, given that the JBC has been pushing the Legislature to be less optimistic about revenues for the past half-decade.
2:33 pm on July 11th, 2012
Grant, I totally get you guys agree with them. It’s more feasible to sell “prudent” revenue estimates than “pessimistic” ones. Poor Bill O’Brien is under full attack. He needs the word “prudent” rather than “pessimistic” to describe his wonderful work.