North Dakota Math -- "That Is Quite A Big Increase" -- Six Times Projected Less Than One Year Ago

The Dickinson Press is reporting:

Revenues streaming into North Dakota’s general fund are beating forecasts by $150 million so far during the current two-year budget cycle that began July 1, but not all categories of tax collections saw an increase last month, the director of the state’s budget office told lawmakers Wednesday.

The state started the current two-year budget cycle on July 1 with a general fund balance of $1.65 billion. After expenditures, the general fund is projected to end the biennium with a balance of $491 million – more than six times the $80 million forecasted at the end of the legislative session last May.

“So it is quite a big increase,” Office of Management and Budget Director Pam Sharp told the Legislature’s interim Government Finance Committee.

In addition, the special funds (rounded):

• Budget Stabilization Fund: $585 million
• Legacy Fund: $1.8 billion
• Foundation Aid Stabilization Fund: $410 million 
• Property Tax Relief Fund: $570 million
• Strategic Investment and Improvements Fund: $1 billion