I often misread these stories, but I think I have it right. Numbers are rounded, as if "spoken" over coffee at the Economart in Williston
Data points:
- oil tax revenue continues to surprise, surpass expectations -- and the numbers are not trivial
- ND has a biennial budget (a two-year budget)
- recent oil tax paid to state: $2 billion (fiscal year 2011)
- forecasts: $4 billion/biennium (2011 - 2013)
- the money has all been allocated
- most of the money will be spent on the bullet train from Williston to Watford City; chunnel under the Missouri River
“The price (of oil) hasn’t changed much from what we anticipated,” said Senate Appropriations Chairman Ray Holmberg, R-Grand Forks. “It is the production that is going through the roof … clearly the Bakken has taken off.”Clearly. But at least it sounds better than "you didn't build that."
The last data point up above is not true; I just placed it there to see if anyone is paying attention -- also to direct traffic to the linked source.
That $2 billion / $4 billion is direct from oil extraction/production taxes. It does not include:
- vehicle licenses: $125 million ($30 million more than expected)
- sales taxes: $1 billion ($365 million more than expected)
- state income tax (individual and corporate): $630 million (more than double what was expected -- $300 million)
So, from fiscal year 2010 to fiscal year 2011: < $600 million to > $1.7 billion
Wow a bullet train between Williston and Watford City with it tunneled under the Missouri River. Do you know what the line will be called? I have a name that fits the history of the area.
ReplyDeleteTHE MODERN DAY WAGON TRAIN LINE
When the taxpayers get the bill for the train, it will be called "The Train of Tears."
ReplyDelete(With apologies to the Cherokee Nation; "Trail of Tears: The Rise and Fall of the Cherokee Nation by John Ehle")