Fri, Feb 9th, 2024 - 4:05pm
March 30, 2022 - 7:06am | By Kyle Cornell
(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 hearing Tuesday that general fund revenues were 14-percent higher and oil taxes were 29-percent higher that 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.