Moody's to continue as ND's budget forecasting consultant
The state of North Dakota will continue to use Moody’s Analytics as its revenue forecasting consultant.
It’s a two year contract, with an option to extend.
The state’s Office of Management and Budget issued a “request for proposals” for a revenue forecasting firm.
"In the end, it was only Moody's that submitted a proposal," said State OMB director Pam Sharp. "We thought we were going to get another one, but on the very last day, they contacted us and told us they chose not to submit a proposal."
Sharp says Moody’s will be working on four revenue forecasts in a biennium, rather than the current three.
"We're also going to require Moody's to do 'stress testing' on our revenue forecast," Sharp said. "We would have different scenarios, based on the price of oil. And Moody's would see how that would impact state revenues."
Some Legislators have criticized Moody’s for its forecasting. But Sharp said she has confidence in the firm.
"I believe Moody's does a fine job," Sharp said. "They're extremely responsive. I think we're getting a good product."