Biennial Budget and Budget Surplus

UPDATE: after posting the "story" below, I had a very nice comment sent in from "Hess342." That comment is posted. I assume there are better sites to see evolving tax situation in North Dakota, but this is probably as good a site as any to start: Tax Foundation.

It appears, at least superficially, the very little time I took to glance at it, the North Dakota legislators are moving at a measured pace in making decisions. I prefer that to making hasty decisions that "we" might regret later.

Everything suggests that the Bakken will continue to do well for quite some time but unforeseen geopolitical events could change things in a hurry.

So, just to make sure everyone understands: I prefer a measured, well-thought-out plan and based on limited information I can support the action of North Dakota legislators.

I still have significant concerns at the federal level.





Original Blog (with one editorial phrase removed) 
It's not easy finding the North Dakota biennial budget numbers. Oh, I suppose it is easy, but every time I go looking for it, it seems I have problems finding it. I wonder why?

Anyway, there was a story back in December/January 2009 that actually put all the necessary information into one sentence, the entire lead paragraph:

Paul Lucy, director of the Division of Economic Development and Finance, North Dakota Department of Commerce, says that after the last biennial budget of approximately $2.5 billion, North Dakota’s projected budget surplus was estimated at $1.2 to $1.3 billion. “That means we don’t need to increase revenues by increasing taxes,” he says.

If I read that correctly, North Dakota's biennial budget is approximately $2.5 billion. Biennial means two. The state will budget approximately about $2.5 billion over two years. 

Current projections are that the state will earn $1 billion / year from oil taxes going forward. Over two years, that would be $2 billion. ($1 billion/year x 2 years = $2 billion). 

Right now the estimated budget surplus is $1.2 to $1.3 billion. 

UPDATES:

October 22, 2010: North Dakota is in the best shape fiscally, as far as I know, and it isn't even in the top five tax-friendly states for retirees, according to Kiplinger. These are the top five tax-friendly states: Alaska, Wyoming, Michigan, Pennsylvania, and Colorado.  

October 11, 2010: State Coffers Swell, Townships Broke -- Headline