N.D. is taking in more revenue than first projected

Good news for the state as a whole: North Dakota is taking in more revenue than originally forecast last November.

A revised revenue forecast released today by the North Dakota Office of Management and Budget (OMB) estimates general fund revenues of $4.3 billion for the 2019-2021 biennium, an increase of $51 million from the November forecast.

OMB Director Joe Morrissette said the increase is due mainly to higher projected sales tax and corporate income tax collections

Meanwhile, oil tax revenues are projected at $4.95 billion, which is $327 million higher than the November forecast. Oil revenues are based on assumptions of $49.50 per barrel in the first year of the biennium and $49 per barrel in the second half.

For the remainder of the current 2017-19 biennium, the revised forecast projects an additional $40.5 million in general fund revenues compared with the November forecast.

“The upward movement from our November forecast leaves plenty of room to fund priorities such as increases in K-12 education, human services and team member salaries while making bold, wise investments that will generate returns for current and future generations of North Dakotans,” Governor Doug Burgum said in a prepared statement.

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