North Dakota State Budget
Counting On Interest From The Legacy Fund
Revenues on track with forecasts.
From The Bismarck Tribune:
The last fiscal month of revenues and transfers wavered 0.2 percent below the forecast, totaling $110.8 million, according to a preliminary statement. Overall, state revenues are 1.7 percent over the forecast, at about $1.6 billion with $2.7 billion left to collect this biennium based on the forecast.
Corporate income tax figures to date suggest a 70 percent overage from the forecast ...And then this:
... from an estimated end balance of $112 million, $65 million should carry over into the 2019-21 general fund, with $47 million to go into the budget stabilization fund.
Senate Majority Leader Rich Wardner, R-Dickinson, said he's pleased for the immediate future but said planning for next biennium is the challenge.
"Interest" on deposits in the Legacy Fund. Imagine how much the Legacy Fund would generate if it were invested in equities rather than bonds. Even Warren Buffett knows that."The interest from the Legacy Fund does help us meet some of our ongoing expenses that we need to meet next biennium," he said, also noting increased oil revenue.