Despite the current pandemic and crash of oil, the state of North Dakota is still projected to end the biennium with money in the state’s general fund.
The Office of Management and Budget presented North Dakota’s budget to the Legislature’s Finance Committee Tuesday.
It shows that although May revenue was down 19 percent for both sales and oil tax overall state revenue was running 2 percent ahead of what was forecast.
KX spoke with the OMB Director who says May was the first glimpse at the real impact of the ongoing pandemic.
“We would expect that may would be the worst month in terms of sales tax because we would expect that activity in May and June, that we would see in the June and July revenues would be more of a return to normal,” shared the Director of OMB Administration, Joe Morrissette.
The original forecast predicted $110 million in overall revenue.
Morrissette said taking into consideration all the factors they now predict $90 million in overall revenue.
