North Dakota House and Senate Appropriations Committees have adopted new revenue projections, following presentations this week from two consultants.
"They're not as robust as the executive budget," said Senate Appropriations Committee chairman Ray Holmberg (R-Grand Forks). "But they're still slightly over what was our revenue forecast in January."
The two committees voted to adopt the new numbers Thursday afternoon.
"It helps us, because now we can focus on how much money is available," Holmberg said. "Then we can start pairing some of the requests back, to meet what the money will cover."
This follows presentations to the appropriators by Moody’s Analytics – the firm used by the Office of Management and Budget to help it make forecasts – and IHS Markit, hired by the Legislature.
Holmberg said having two “bookends” helps focus on what is realistic.
"When we had only one set of numbers, you could have someone who was very liberal saying, 'We could move this way out over here,'" Holmberg said. "And you'd have someone very conservative who would say, 'No, we have to move way over here.'"
Holmberg said the two sets of numbers forces the committees to look at what these two outside independent agencies said would be realistic numbers.
"You end up being close," Holmberg said.
Holmberg said the committees did not simply “split the difference” between the two forecasts.