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
