The state of North Dakota is on track to have at least $542 million in the bank at the end of the current two year budget cycle.
That’s the amount that would be left over in the state’s general fund. And that figure does not include $583 million in the budget stabilization fund, $459 million in the foundation aid stabilization fund – and more than $2 billion in the Legacy Fund.
State budget director Pam Sharp told the Legislature’s budget section – individual and corporate income tax collections continue to outpace the budget forecast. The state collected $127 million more than forecast in the individual income tax – and $50 million more in the corporate income tax.
“Even though we cut the rates, we're ahead of forecast and ahead of last biennium at this time," said Sharp. "That's a positive sign that our wage and job growth are really, really strong.”
Sharp says despite May revenues being about 4 percent under forecast, revenue collections to datge are running 8 percent ahead of that forecast.
