May 22, 2022
Fargo, US 58 F
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Budget Writers Facing Challenges With Revenue Volatility, Spending Gap

(Bismarck, ND) — Budget writers in the North Dakota Legislature are facing challenges as the state’s main revenue source remains volatile and there is a persistent spending gap. The interim Legacy Fund Earnings Committee hear yesterday that general fund revenues were 14-percent higher and oil taxes were 29-percent higher than was projected for the 2021 to 2023 budget cycle. The Legislature also faces a gap between ongoing general fund revenues and ongoing spending. Lawmakers have filled the gap by tapping into funds arising from oil taxes. Legislators say 21-percent of the current budget’s revenue comes from oil tax money. North Dakota’s constitution requires a balanced budget.

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