New Hampshire

New Hampshire

Budget Cycle

Governor Submits Budget
February 15
Fiscal Year Begins
July 1 

Governor Signs Budget 

Budget Links 

FY2024-2025 (proposed)
FY2022-2023 (enacted)
FY2020-2021 (enacted)
FY2018-2019 (enacted)

Proposed Budget - Fiscal Years 2024-2025
On February 14, New Hampshire Governor Chris Sununu recommended a biennial budget for fiscal years 2024-2025. The proposal includes total fund spending (before budgeted revenue transfers) of $7.67 billion in fiscal 2024 and $7.79 billion in fiscal 2025, representing annual increases of 8.4 percent and 1.6 percent, respectively. The budget calls for combined general and education fund spending of $3.04 billion in fiscal 2024 and $3.09 billion in fiscal 2025, reflecting annual increases of 8.6 percent in fiscal 2024 and 1.7 percent in fiscal 2025. For fiscal 2024, this includes $1.84 billion in general fund appropriations (5.7 percent increase) and $1.21 billion in education trust fund appropriations (13.3 percent increase). For fiscal 2025, this includes appropriations of $1.88 billion from the general fund (2.2 percent increase) and $1.22 billion from the education trust fund (0.9 percent increase). Federal funds, meanwhile, are expected to total $2.46 billion in fiscal 2024 and $2.49 billion in fiscal 2025. The budget is based on unrestricted general and education fund revenue forecasted at $3.16 billion in fiscal 2024 and $3.14 billion in fiscal 2025. This forecast assumes the elimination of the communication services tax beginning in fiscal 2024, as recommended by the governor (which would have generated an estimated $58 million over the biennium). The state expects to have an undesignated combined general and education fund balances of $267 million at the end of fiscal 2024 and $148 million at the end of fiscal 2025. After increased deposits fueled by surplus dollars, the rainy day fund is expected to close fiscal 2025 at $341 million, or 11 percent of combined general and education fund appropriations recommended for that year.

Proposed Budget Highlights 

The governor’s biennial budget invests in people, including state employees, children, and taxpayers. Top priorities include the state workforce, housing, public education, and licensing reform. The fiscally conservative budget recommends using one-time funds for one-time investments, implements no new taxes or fees, eliminates the 7 percent Consumer Communications Services Tax, sends more money to local governments to support property tax relief, and increases the Rainy Day Fund.

Employee Compensation

  • Provides all state employees with a 10 percent pay increase in fiscal 2024 followed by another 2 percent increase in fiscal 2025


  • $30 million in surplus funds (one-time) for the InvestNH program, which helps accelerate new affordable housing development by addressing construction cost increases
  • $25 million in surplus funds (one-time) for the affordable housing fund, which provides low-interest housing loans and grants to low-to-moderate income families
  • $5 million annually for a new Historic Housing Preservation Tax Credit program to incentivize reuse of eligible properties for housing development


Public Education & Workforce Development

  • $127 million increase over the biennium for formula funding
    • Simplifies the formula by increasing the base per-student aid rate and the free or reduced price meal aid rate, as well as phases in targeted aid to municipalities with low property values and low-income families
  • $22.9 million increase for charter school funding
  • Doubles funding for the Education Freedom Account program to cover needs of at-risk student populations outside of the classroom
  • $75 million (one-time) to establish a school building aid fund
  • $5 million to prioritize STEM, computer science and robotics education, as well as creates a new credential pathway, training funds, and bonuses for educators teaching computer science
  • $2 million for civics curriculum development
  • $5 million in new student loan repayment assistance for recent graduates pursuing careers in high-demand fields

Licensing Reform 

  • Grants universal license recognition for professions that require a license
  • Eliminates numerous outdated licenses, underused regulatory boards and unnecessary statutory provisions
  • Creates the Office of Regulatory Review, Reduction and Government Efficiency, an independent office charged with reducing unnecessary and burdensome rules and regulations on private industry