The director of North Dakota’s Office of Management and Budget says state revenues remain strong.
Susan Sisk said for the first year of the biennium, ending June 30, revenues are running about 12 percent more than the Legislative forecast.
"Some of those big drivers are sales tax, which is slightly understated, because of the timing of the business days," Sisk said. "We will likely see an increase in July."
Sisk said the state's economy is really underpinned by oil prices, which she said remain strong.
Sisk said individual income tax is running a little behind forecast.
"We're watching that closely," Sisk said. "We believe some of that is timing. We do know wages are going up, and we would think that would have an impact."
Sisk also says corporate income tax collections are very strong. She said $58 million was transferred from the state’s budget stabilization fund to the general fund, because the special fund reached its cap.
Sisk said OMB is now preparing the revenue forecasts for the upcoming two year period.
