Hoeven: State still doing well despite recession
By Dave Thompson
Bismarck, ND – Governor Hoeven says state revenues continue to closely match the forecasts released after the 2001 Legislature.
But Hoeven says based on recommendations from the state's financial consultant, he's revising the projected ending fund balance.
Hoeven says due to the economic uncertainty, the state is projected to end the current two year budget period with six-point seven million dollars in the bank. The earlier projection was to have 21-and-a-half million dollars as carry-over.
Hoeven also says he wants state agencies to look at their budgets.
"We are going to meet with all our cabinet agencies and talk to them in terms of looking for areas where they can save money, with the idea that we want to increase the ending fund balance as much as we can, going into the next legislative session and the next budgeting cycle."
Hoeven says the state is in good shape, compared to the national economy. And he says that's due to the state's economy tending to be counter-cyclical with the rest of the country, as well as efforts to diversify the economy.