Legacy Fund helps drive state $250 million over revenue projections
New numbers Thursday show North Dakota general fund revenues came out $250 million more than lawmakers projected in March. The good performance will also allow the state to refill a state savings account drained during the economic downturn in previous biennia.
“A positive for the state budget there is once that budget stabilization fund is built up, the interest no longer stays in that fund but goes to the general fund. So it benefits the general fund as well,” said Joe Morrissette, Director of the Office of Management and Budget.
One month into the 2-year cycle, the state is ahead of projections. But Morrissette says it's hard to predict an entire biennium on one month of data.