North Dakota’s general fund expects $1B positive balance
BISMARCK, N.D. (AP) — Preliminary budget numbers unveiled Thursday show North Dakota’s general fund should collect far more money than what lawmakers expected in the two-year budget cycle that ended last month.
State Office of Management and Budget Director Joe Morrisette said stronger-than-expected oil prices and a rebounding economy bumped general fund revenues to $5.7 billion for the 2019-21 budget cycle.
The Legislature had forecast general fund revenues at $5.4 billion for the two-year cycle, with a positive balance of about $710 million.
Morrisette said the additional revenues mean the general fund will now have an ending balance of more than $1 billion.
General fund spending goes to an assortment of programs, including education and human services. It is funded largely by state taxes on income, sales, energy, tobacco and gambling.