North Dakota's Oil Tax Collections In June: 72% Higher Than Predicted -- July 13, 2018

From "top North Dakota news stories" this week:

Several categories of state tax collections are well above forecast, thanks largely to the resurgence in the state’s oil industry.

The combination of higher oil prices and increased oil production has tax collections well ahead of the forecast made during the 2017 legislative session.

North Dakota oil producers received an average of $61.11 per barrel during the month of April, with near-record production of 1.22 million bbl/day.

Legislators forecast production at less than a million bbl/day at a price of $47.00/bbl, so tax collections for the month of June were 72% higher than predicted.

Corporate and personal income tax, motor vehicle excise tax and sales tax collections are also running ahead of the budget forecast.

The upside in the oil industry has been partially offset by lower commodity prices for grain and livestock. [Always something to complain about.]

The surge in oil tax revenue, including a deposit of nearly $59 million in June, has pushed the state’s Legacy Fund balance to more than $5.5 billion.

See 1Q18 taxable sales data here.

Moody's rating, Williston, ND -- April 18, 2018.

Moody's Investors Service affirms the Ba2 rating on the City of Williston, ND's general obligation unlimited tax (GOULT) debt. The outlook remains negative. 

The Ba2 rating incorporates Williston's heavy reliance on the oil and gas production industry. Improving oil prices and the 2017 opening of the Dakota Access Pipeline have strengthened the local economy, driving growth in sales taxes and oil and gas production taxes, which are the city's primary revenues. However, Williston's leverage is high, reflecting sizeable capital projects the city has taken on to accommodate the past decade's oil production-driven population growth. The city has committed itself to additional infrastructure projects, including a major airport expansion, the ultimate scope of which has not yet been determined. These growing capital needs, as well as narrow sewer enterprise operations, are key credit pressures that overshadow recent improvements in the local economy. 

Full history here.

Bond ratings here -- wiki.

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Stanley High School 

From MYNDnow:

In Stanley, the High School is remodeling and adding on to accommodate more students.

Before the oil, Stanley had about 300 students enrolled in the district.

Now, there are about there's about 700 students in the district and around 300 of them are at the high school.