Monday, May 2, 2011

North Dakota Budget: $4.1 Billion Over Two Years

North Dakota "General Fund" budget, 2011 - 2013
  • Historically: about $2 - $3 billion/2-year budget
  • Recently: $3.25 billion/2-year budget
  • "Official" 2011 - 2013: $3.3 billion  -- an increase of 1.4% over "current levels" -- link here
Two expenses: "off-budget"
  • $370 million for road repairs in western North Dakota
  • $343 million in payments to local schools to offset reduction in property taxes
The one-time expenses were paid for by money from The Permanent Oil Tax Trust Fund which was ordered abolished by this legislature and transferred to the General Fund (so much for "permanent').

"Real" general fund budget,  2011 - 2013: $4.1 billion. Increase of more than 20% spending (general fund budget).


Total state budget, 2011 - 2013, $9.92 billion, an increase of 12.2 percent


The general fund is financed by state taxes on:
  • Sales
  • Personal income
  • Business and corporate income
  • Energy
The general fund does not include:
  • Federal aid
  • Revenues reserved for specific programs such as gasoline taxes and hunting license fees
Currently ND has slightly more than $1 billion in reserves
  • Legacy Fund and Budget Stabilization Fund
Two new funds established by ND voters last year
  • Legacy Fund: Repository for the state's oil tax revenues
  • Budget Stabilization Fund: used only if state tax collections fall short
Budget Stabilization Fund:
  • Should have about $386.4 million by June 2013
  • Can be accessed if legislators change the rules for doing so
Legacy Fund:
  • Should have about $620 million by June 2013
  • Cannot be changed without voter approval; part of the ND State Constitution

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