The city of Minot should see an increase of about two million dollars a year under the new oil impact funding formula.
City lobbyist Shane Goettle told the city council tonight about the funding increase due to the Prairie Dog Bill, passed this year.
Goettle says the two million a year increase, or four million per biennium, was based on some very conservative estimates.
“So, you can see that’s the balls been advanced by over 4 million dollars for the biennium, at least for the city of Minot. And, hopefully, more if we have a more robust production in price,” said Goettle.
Goettle says the city of Minot did well in getting increased funding for the flood protection project. One negative for the city was the failure of Senate Bill 2275 that would have set up a low-interest loan fund for local governments to build major projects.
City officials say the loan plan would have saved Minot tens of millions of dollars in interest payments over the course of building flood protection.