State Funds Filling Up - - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

State Funds Filling Up

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According to the Department of Mineral Resources, the oil and gas industry produces over 10 million dollars a day in tax revenue for the State of North Dakota.

State Treasurer Kelly Schmidt says so much money is rolling in that many of the state funds are full.

Because legislators capped some funds, it really has only two places to go.

The Legacy fund keeps growing, it surpassed two billion dollars in April.

The other fund that still collects money is one intended to support infrastructure.

According to Schmidt, these funds have filled up faster than expected.

"I think it's more than anyone ever anticipated, and it gives ND some wonderful opportunities, many challenges, but many opportunities.  I think we are going to have to be good stewards of the tax payers dollars as we move forward setting our priorities and doing what we need to what's best." says Kelly Schmidt, state treasurer."

Schmidt estimates the Legacy fund will reach 3 billion dollars by the end of the fiscal year.

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