Members of North Dakota’s Industrial Commission say they will work to restore some of the budget reductions the state Senate has proposed for programs under the Commission’s purview.
The Senate cut grants from the Clean Sustainable Energy Authority from the proposed $50 million to $30 million – and zeroed-out the Authority’s loan program. That was proposed at $250 million. It also sliced money for salt cave research from $22 million to $11 million, and the rare earth study was reduced from $3 million to $1.5 million.
The Commission chairman — Gov. Doug Burgum — said the money is there for those line items.
"It's an artificial scarcity argument that's being made, and not looking at the actual excess revenue streams pouring into the state right now," Burgum said. "Having reserves is fine, but we're already among the most 'reserved' state in the nation."
Burgum cited the $8 billion Legacy Fund, the $7 billion Common Schools Trust Fund, the Budget Stabilization and Foundation Aid stabilization funds, and the money that goes into the Strategic Investment and Improvement Fund.
"SIIF is another checking account reserve fund," Burgum said.
Burgum said the SIIF Fund will have $1.5 billion in it by the end of the current biennium.
"Do we also need that as a reserve on top of all our other reserves, or should we be investing in the industries that are providing revenue for the whole state," Burgum said. "That's the position the Industrial Commission has had, because we all know these investments have a high return for the state."
The Commission is hoping to have those funds restored when the bill gets into a conference committee.