(CONCORD) The State of New Hampshire ended the Fiscal Year with a smaller deficit than projected, thanks to June revenues that weren’t quite as bad as the latest estimates predicted. When the Legislature approved a $295 million plan to plug the state’s growing budget hole earlier this month, it counted on Fiscal Year 2010 revenues coming in $120 million short of initial estimates. But unofficial figures supplied by the Department of Revenue Administration show that state taxes will come in $110 million below the official revenue estimates.

The Portsmouth Herald explains the cause of the state’s budget crisis in an editorial today.