ND Legacy Fund performing well
In 2009 the oil business was booming, and voters decided to put away some of that money for safe keeping in what we know now as the Legacy Fund.
Well, the fund now sits near $5 billion and on June 30 of this year lawmakers were able to spend the money for the first time.
The Legacy Fund's total assets were about $4.6 billion at the beginning of this biennium and after the first quarter that total has grown by about $300 million.
After one quarter, the Legacy fund has reached about a quarter of its goal for the current biennium.
"The snapshot at this point in time, we've generated about $52 million, over three months. We've got 24 months to earn $200 million," said Dave Hunter, executive director of the Retirement and Investment Office.
It's due to the positive performance by fund investments. In addition, the state continues to add revenue from oil production.
"The actual amounts collected was $37.22 million. Forecasted amount was $36.41 million for October 2017," said Chris Kadrmas, fiscal analyst.
However officials cautioned lawmakers not to get a head of themselves.
"Of course, I'm sure everyone here knows, investments go up and down, right? So, the hope is that it will continue and with that we'll conservatively hit that number," said Hunter.
But, the Retirement and Investment office doesn't expect things to change dramatically in either direction. Their investment strategy will remain unchanged.