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Lowest deposit ever going into Legacy Fund

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The state of North Dakota will be depositing the lowest amount ever into the legacy fund as a result of falling oil production.

And it’s not just low, it’s half the amount of the previous lowest-ever deposit.

The upcoming deposit of $10.24 million comes from April revenue. For perspective, an average monthly deposit is about $54.7 million.

The money is a reflection of oil production revenue from about three months ago.

But North Dakota State Treasurer Kelly Schmidt says it doesn’t just reflect the past it’s an indicator of what’s to come.

“Just an idea that, you know, this next legislative session is going to be very challenging because they’re not going to have the dollars that we’ve been accumulating in the past. And so we need to be aware of that. And our counties and cities, and school districts need to also be preparing that you know you plan your budget at much-reduced space. And if you get more, well then you’re better off,” shared Schmidt.

Since the first deposit in 2012, it’s been used to help balance budgets and support cities and counties in North Dakota.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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