New Hampshire

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On the basis of its fiscal solvency in five separate categories, New Hampshire ranks 20th among the US states and Puerto Rico for its fiscal health. On cash basis, New Hampshire has between 0.64 and 2.47 times the cash needed to cover short-term liabilities. Revenues match expenses, producing a surplus of $18 per capita. On a long-run basis, net assets are 5 percent of total assets, and total liabilities are 41 percent of total assets. Total debt is $1.62 billion. Unfunded pension liabilities are $14.48 billion on a guaranteed-to-be-paid basis, with other postemployment benefits (OPEB) adding $1.87 billion to the total. These three liabilities are equal to 26 percent of state personal income.

Key Terms

  • Cash solvency measures whether a state has enough cash to cover its short-term bills, which include accounts payable, vouchers, warrants, and short-term debt. (New Hampshire ranks 39th.)
  • Budget solvency measures whether a state can cover its fiscal year spending using current revenues. Did it run a shortfall during the year? (New Hampshire ranks 39th.)
  • Long-run solvency measures whether a state has a hedge against large long-term liabilities. Are enough assets available to cushion the state from potential shocks or long-term fiscal risks? (New Hampshire ranks 32nd.)
  • Service-level solvency measures how high taxes, revenues, and spending are when compared to state personal income. Do states have enough “fiscal slack”? If spending commitments demand more revenues, are states in a good position to increase taxes without harming the economy? Is spending high or low relative to the tax base? (New Hampshire ranks 1st.)
  • Trust fund solvency measures how much debt a state has. How large are unfunded pension liabilities, OPEB liabilities, and state debt compared to the state personal income? (New Hampshire ranks 15th.)

For a complete explanation of the methodology used to calculate New Hampshire's fiscal health rankings, download the full paper and the dataset at