Economic Growth, Oil Drives ND Reserves to $2BBISMARCK, N.D. (AP) — North Dakota's financial reserves are expected to grow to more than $2 billion a year from now.
By: Associated Press,
BISMARCK, N.D. (AP) — North Dakota's financial reserves are expected to grow to more than $2 billion a year from now.
State budget director Pam Sharp briefed North Dakota lawmakers on the figures Tuesday. She spoke to members of the North Dakota House and Senate committees who write the state government budget.
North Dakota's budget office is projecting the state will have a surplus of almost $850 million in its general treasury in June 2013. In March, the surplus prediction was $592 million.
Then there is $1.2 billion in reserve funds. They include an oil tax trust fund, another fund that benefits schools and a pot of money that lawmakers are setting aside for local property tax cuts.
Sharp says state income, sales and oil tax collections are running well ahead of projections.
Copyright 2012 The Associated Press.