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 Preshow Return to index of stories... |
Next on New Hampshire Outlook. The rising Federal Deficit and the State Budget. Why both matter to the Granite State economy AND you. Plus speaking of money, get a jumpstart on financial literacy. |
| Hello Return to index of stories... |
Hello. I'm Allison McNair. Welcome to NH Outlook. |
| Intro state deficit Return to index of stories... |
In this edition - we take a look at the state of New Hampshire's economic health and that of the nation. New Hampshire's roads were jammed for the Fourth of July holiday weekend. A record number of people, some 260-thousand, passed through the state's toll booths. That could provide some welcome revenue not only to businesses - but to the state coffers as well. |
| state deficit set up Return to index of stories... |
track For fiscal year 2002, state revenues fell far short of estimates. Governor Jeanne Shaheen said she expected lower revenues due to the slowing economy and overly optimistic revenue estimates made by lawmakers. Preliminary numbers estimate the shortfall in state revenues at 62 point six million dollars. The Business Profits Tax came in 26.2 million dollars below projections. And the meals and rooms tax was off 6.1 million dollars. The Governor has ordered state agencies to make budget cuts. She also intends to tap 25 million dollars from the rainy day fund to balance the budget. |
| deficit discussion Return to index of stories... |
Here to talk about the financial state of New Hampshire and the nation - Stan Arnold New Hampshire commissioner of Revenue and Ross Gittell from the Whittemore School of Business and Economics. Stan you've been working in the department of revenue for 17 years.under four different governors give us some historical perspective - how many times has this happened? Comparatively speaking is this a large shortfall? Ross, is there a connection between revenue shortfalls and the health of New Hampshire's economy? Stan what are some of the specific reasons for the shortfall. Impact on people of New Hampshire? Why would business profits tax fall short and business enterprise tax Stock market slump impact interest and dividends taxes Consumer confidence - corporate crime stock market impacts not only consumer confidence - but also universities charitable foundations hospitals insurance companies with endowments National Governors Association and state budget officers reported state budgets in worst fix in 20 years - is that so here? Is Washington helping? Historically state revenues lag 12 to 18 months behind economic recovery - is that so in NH? Tourism - if numbers good from 4th of July weekend will it impact state revenues? Is there any pattern or way predicting how state's economy is faring based on these numbers? Ross, how you see health of state economy? Federal deficit - forecast of 150 billion dollar deficit by Septemeber.What does that mean for NH? Role of political and business leaders in reversing slide. Is deficit always a bad thing is that true with state deficit as well? |
| Intro Worldcom Return to index of stories... |
As we just mentioned, President Bush will speak to Wall Street investors Tuesday. The speach will address recent accounting scandals. Monday the President said the administration will "vigorously pursue" anybody who breaks the law when it comes to corporate practices. Those words came as former executives for telecom giant worldcom faced lawmakers on Capitol Hill. The company disclosed a 3.8 Billion Dollar accounting error two weeks ago. With Worldcom's financial future up in the air, the former executives faced tough questions from a house panel. Elaine Quijano has more from Washington. |
| WorldCom Return to index of stories... |
--REPORTER PKG-AS FOLLOWS-- IT WAS A FAMILIAR SCENE ON CAPITOL HILL. WITH NEW CHARACTERS: IN THE WAKE OF THE ENRON FINANCIAL SCANDAL. AND NEARLY TWO WEEKS AFTER STUNNING REVELATIONS ABOUT ANOTHER COMPANY. WORLDCOM. THE HOUSE FINANCIAL SERVICES COMMITTEE CALLED FORMER AND CURRENT WORLDCOM EXECUTIVES TO EXPLAIN. HOW 3.8 BILLION DOLLARS IN EXPENSES WAS IMPROPERLY COUNTED AS CAPITAL INVESTMENTS. INFLATING PROFITS. The magnitude of Worldcom's deception is staggering. AFTER THAT DISCLOSURE. WORLDCOM STOCK PLUMMETED. AND THE COMPANY LAID OFF 17-THOUSAND EMPLOYEES. TO TRY AND CUT COSTS. With thousands of fired WorldCom employees who face an unknown future and the millions of investors who lost so much of their retirement savings, all apparently due to the greed and selfishness of a few rich insiders, demand that we engage in the search for truth and justice. THE FIRST WITNESS: FORMER WORLDCOM C-E-O BERNARD EBBERS. ORIGINALLY CREDITED WITH TURNING THE CLINTON, MISSISSIPPI-BASED COMPANY. INTO A GLOBAL TELECOMMUNICATIONS GIANT. BUT AMIDST ALLEGATIONS OF FRAUD AT WORLDCOM. EBBERS HAD LITTLE TO SAY. I must respectfully decline to answer the questions of this committee on the basis of my fifth amendment privilege. WORLDCOM'S FORMER CHIEF FINANCIAL OFFICER, SCOTT SULLIVAN, ALSO TOOK THE FIFTH. A FORMER ARTHUR ANDERSON PARTNER WHICH AUDITED WORLDCOM'S BOOKS. SAID HE HAD NO KNOWLEDGE OF ANY IMPROPER ACCOUNTING PRACTICES. As with any audit, we planned our audit at WorldCom on general reliance on the honesty and integrity of the management of the company. Lawmakers are now calling for tough new regulations to try and prevent more corporate financial scandals. including rules that could mean prison time for corporate executives who misreport their company's earnings. In Washington, I'm Elaine Quijano. -----END----- |
| McCormack Return to index of stories... |
Briefly in the news. Transcripts from New Hampshire Bishop John McCormack's June deposition have been obtained by the Associated Press. McCormack served in the Boston Archdsiocese under Cardinal Law. According to the AP, documents show that McCormack - admitted under oath- that twice he dismissed mounting evidence that two priests had sexually abused children - because the alleged molesters told him they'd done nothing wrong. |
| Enterasys Return to index of stories... |
Six investor lawsuits accusing Enterasys Networks and two top executives of fraud were consolidated into a single class-action lawsuit in federal court in Concord, Monday. The lawsuits accuse Enterasys and its executives of deceiving investors about the company's revenues and earnings to keep its stock price artificially high. |
| Record Boating Return to index of stories... |
Along with the record setting number of visitors to the granite state we told you about a few minutes ago. lake watchers say they saw some of the heaviest boating traffic ever on Lake Winnipesaukee. Boats were reportedly backed up in the Weirs Channel and Paugus Bay areas much of the weekend. |
| Canada Smoke Return to index of stories... |
If the skies have looked hazier than usual, that's because we're still seeing smoke from forest fires burning in Canada. The smoke and haze stretched as far south as Washington Sunday from the forest fires raging in Quebec. The Environmental Protection Agency has issued an air quality advisory through most of New England. People with respiratory disease, such as asthma, should limit outdoor exercise or work. |
| Redistricting Return to index of stories... |
The fight between democrats and republicans over the accuracy of the census figures is coming to an end. A deadline imposed by the State Supreme Court to come to an agreement is noon Tuesday. Some believe the court will decide quickly whether to fix problems with a map it released last month. If the issue is resolved soon, there is still a chance state Senate primaries will be able to be held September tenth. That isn't the case with House districts -- which are still in dispute. Election officials say a separate primary will have to be held. |
| intro jumpstart Return to index of stories... |
How much do you really know about handling your own money? What about the young people in your life? According to an organization called the JumpStart Coalition, young people don't know nearly as much as they should about managing money. They spend about 153 billion dollars a year. They could be managing it better. |
| jumpstart Return to index of stories... |
narration sound "We are made up of volunteers." narration Their mission, in part, is to help high school teachers prepare students for a world of credit cards and IRA's. suzann clip "4 out of 5 students do not receive the financial education." narration Suzann Enzian Knight is a member of JumpStart and a UNH Cooperative Extension specialist. She provides educators like Carlo Nitolli with programs that help students become more aware of their personal financial matters. clip-Carlo "We start off the program with values.the time value of money." clip -Suzann "That's the beauty of the High School Personal Financial Program, it.they end by writing their personal financial plan." sound of Pond narration Jonathan Pond is a financial advisor and author. He recently spoke to a group of teachers at a NH JumpStart convention. clip Pond "It can be an uphill battle to get kids interested in money matters, but it's so important.importance of it." sound Hazel "She writes cheques now." narration Hazel Molin works at NH Public Television and is a parent whose ten year old daughter came to her asking to open a chequing account. clip Hazel "What I did is I went to an educational store and bought this cheque book.it has taught her about writing cheques, saving money and keeping a balance of where her money went to." clip Pond "I've always said that if we teach our children about money matters then they won't need to move back home when we're retired." |
| Tag Closer Return to index of stories... |
For more information on New Hampshire Jumpstart you can visit their website at jumpstart - dot - org |
| website Return to index of stories... |
For information on our program, and links to our guests and interviews, visit our web site at nhptv.org. You can see and hear streaming video of our broadcasts. If you've got a story idea or comment on our program, click the feedback button on our website. Or, call us at 800-639-2721. |
| Tomorrow Return to index of stories... |
On the next New Hampshire Outlook - Innocence Lost: Child Abuse Prevention and the Catholic Church. We'll look at what's changed in the weeks since the bishops conference and the status of Church abuse prevention programs. |
| Goodnight Return to index of stories... |
That's it for this edition of our program. For all of us here at New Hampshire Public Television, I'm Ally McNair. Thanks for joining us. We'll see you next time on New Hampshire Outlook. |
| founders Return to index of stories... |
Thanks to our founding sponsors who have provided major funding for the production of New Hampshire Outlook: New Hampshire Charitable Foundation Public Service of New Hampshire Alice J. Reen Charitable Trust Putnam Foundation Stratford Foundation |
| WEB PROMO Return to index of stories... |
Tonight on New Hampshire Outlook. Child Abuse Prevention and the Catholic Church. What's changed in the weeks since the bishops conference and the status of Church abuse prevention programs. . Tonight at 10pm on New Hampshire Public Television. |
| Traffic Record Return to index of stories... |
AP-NH--Traffic Record dewho Holiday traffic sets a record in N.H. -- If you thought New Hampshire's highways were crowded on the Fourth of July, you were correct. The state says a record number of vehicles passed through toll booths last Thursday. The total was just less than 260 thousand, up more than 15 percent from the record 239 thousand vehicles on the highways on July Fourth five years ago. |
| Anti Smoking Return to index of stories... |
According to the Smoke-Free New Hampshire Alliance the state gets 47 million dollars a year from the lawsuit but only 3 million dollars of it actually goes towards prevention and education programs. The Alliance says Forty million dollars goes to pay for public schools and four million goes into the state's general fund. The governor's office defends the spending, saying the money helps recover what the state spends on health and human services programs connected to tobacco-related illnesses. |
| key: economy / business Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time:7/8/02 / 2200 HOST: Allison McNair Length: 15:00 In addition to a summary of the day's top New Hampshire stories, this edition of New Hampshire Outlook, NHPTV's nightly news magazine, included a discussion on the state of New Hampshire's economic health and that of the nation. PRODUCER/REPORTER: Allison McNair NAME OF PARTICIPANTS: Stan Arnold\NH Revenue Commissioner Ross Gittell\Whittemore School of Bus & Econ |
| key: youth Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time:7/8/02 / 2200 HOST: Allison McNair Length: 3:52 In addition to a summary of the day's top New Hampshire stories, this edition of New Hampshire Outlook, NHPTV's nightly news magazine, included a report on how young people handle money and a program that may be able help. According to an organization called the JumpStart Coalition, young people don't know nearly as much as they should about managing money. They spend about 153 billion dollars a year. They could be managing it better. PRODUCER/REPORTER: Phil Vaughn NAME OF PARTICIPANTS: Suzann Enzian Knight\UNH Cooperative Extension Carlo Nittoli\Teacher, Exeter HS Jonathan Pond\Financial Advisor Hazel Molin\Parent |
| Intro U.S. economy Return to index of stories... |
The economic slowdown can be blamed in part on investors feeling skittish in the wake of corporate crimes. Tuesday night, President Bush is scheduled to address the issue. The impact of questionable business practices by Enron, Anderson, Tyco, Worldcom has been felt in the U.S. Economy and here in New Hampshire as well. It's anticipated that the president will call for criminal penalties for corporate leaders who knowingly misreported company earnings. |
| U.S. Economy Return to index of stories... |
track On Monday, The House Financial Services Committee began hearings into alleged fraud at WorldCom. Last month, the telecommunications giant admitted to misreporting nearly $4 billion in earnings. A Senate subcommittee report - released over the weekend - holds Enron's board of directors accountable for the energy company's collapse. |
| Tonight 10:00 Return to index of stories... |
Tonight on New Hampshire Outlook. Join us tonight at 10:00 only on New Hampshire Outlook. |