State revenues $7.5 million below forecast for the first two months of FY17
State revenues for August were lower than the budget forecast.
The revenues were $9 million below forecast. Since fiscal 2017 started in July, net revenues are down $7.5 million.
"I think we can all say we had hoped we would have done a little better this month than we did," the chairman of the Legislature's interim Goverment Finance Committee, Rep. Jeff Delzer (R-Underwood) said at a meeting Wednesday.
"I can say that too," replied state budget director Pam Sharp. "Needless to say, and everyone knows, it's going to be a very tight and difficult budget, when you look at this level of revenues."
To help balance the budget, the budget stabilization fund will be drained; $100 million could come from the Bank of North Dakota; and more than $19 million will come from state agencies that have unspent money returned to the general fund. Lawmakers could also use some of the interest from the state’s Legacy Fund.
Gov. Jack Dalrymple has asked state agencies to submit 90 percent budget proposals for the upcoming two year period. Delzer asked University System chief financial officer Tammy Dolan if the system will submit a 90 percent budget.
"Absolutely. We are honoring that," replied Dolan. "Our base budget request is at 90 percent."
"What about the particular schools -- are they going to the Board of Higher Education and asking for more than that?" asked Delzer. "Or are they coming in at 90?"
"Every campus met the base budget guidelines, which includes the 90 percent," said Dolan.
Dalrymple will present his budget proposal to the Legislature’s organizational session in December.