The North Dakota Oil Tax Trust is making a lot of money from the economic recovery and more than expected equity investments, officials said on Tuesday.
The Legacy Fund’s revenue for the two-year budget cycle that ended last month was about $ 827 million, compared to $ 736 million projected by budget officials and the state legislature.
âThe stock market has recovered from the initial drop in COVID and has made a significant recovery,â Treasury Secretary Thomas Beadle said.
Joe Morissette, director of the Office of Management and Budget, said nearly half of the additional revenue ($ 65 million) would go to repay constitutional funds that would benefit schools. Short change An error has occurred for about 10 years. Common Schools Trust Fund funding will be distributed to public schools in North Dakota.
In 2010, voters approved a constitutional amendment requiring a legacy fund worth about $ 8.8 billion to secure 30 percent of state tax revenues on oil and gas production.
The last deposit in the fund was $ 45.5 million in June.
Two-thirds of the North Dakota House and Senate votes are needed to use one of the previously untargeted major funds. But lawmakers have not shied away from spending the interest on the fund, primarily to balance the state’s inflated budgets of the past decade.
North Dakota Oil Savings Account Income Surpassed Forecast |
Source Link North Dakota Oil Savings Account Income Surpassed Forecast |