No budget cuts expected as North Dakota state revenues ahead of forecast
North Dakota tax collections took a hit in August, but overall state revenues for the two-year budget cycle are maintaining a narrow cushion, with no budget cuts expected.
Office of Management and Budget Director Joe Morrissette last week presented a report on August general fund revenues to the Legislature's Budget Section. The general fund covers general government operations.
August revenues were down 18.4% compared to projections. The new report showed recent sales taxes -- the biggest general fund revenue source -- down 25.4% compared to the Legislature's 2019 forecast.
But overall tax collections for the state's 2019-21 budget cycle are 2.4% above forecast, or $76.7 million ahead.
Read more: https://bismarcktribune.com/news/local/govt-and-politics/no-budget-cuts-expected-as-north-dakota-state-revenues-ahead-of-forecast/article_fbe2d1cd-423f-5d4f-86dc-a75c438267d7.html
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