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Governor presents $143 million general‑fund capital package, highlights Cannon Mountain tram and corrections maintenance
Summary
A representative from the governor's office summarized the administration's capital budget, stressing debt limits, rating agency considerations and specific projects funded including the Cannon Mountain tram request and Corrections maintenance items.
James Gary, director of policy and finance for the governor, briefed the committee on the governor’s capital budget. He said the governor cut a larger list of agency requests to a set of 41 projects totaling about $143 million of general‑fund capital and $207 million across funding sources.
Gary explained the fiscal constraints that shape the capital package: debt capacity, bond ratings and amortization patterns. He said New Hampshire’s bond ratings (Moody’s Aa1, S&P AA+, Fitch AA+) guide how much the state can issue and that the governor sought a package within rating‑agency guidelines. "How much one pays when they issue debt depends on the bond ratings, the interest rates, the time of the borrowing," Gary said.
Gary singled out several projects included in the governor’s recommendation: $12.25 million for phase two of the state annex renovation; $12 million in three Department of Corrections projects (HVAC and boiler replacements) to maintain the existing men's prison while a long‑term replacement remains a multi‑year effort; $18.5 million for the Jeffrey Ringe Career and Technical Education renovation and expansion; and $20 million for the Cannon Mountain tram. He explained the administration’s reasoning on the tram: earlier legislative cash of $18 million was not spent when project costs came in higher than expected, and the governor proposed moving the larger tram procurement into the capital budget to match the useful life of the asset.
Gary told the committee the administration recognized many important projects were not funded and would expect the legislature to set final priorities. "The projects the governor has chosen for the capital budget represent a diverse group of departments and projects that share one thing in common, they are badly needed," he said.
Ending: The governor’s representative urged committee members to weigh competing priorities against debt‑capacity constraints and said the administration would not be offended if the House’s final allocations differed from the governor’s list.
