$1.6B: ND budget surplus continues to zoomBISMARCK, N.D. (AP) — New estimates put North Dakota's budget surplus at a staggering $1.6 billion.
BISMARCK, N.D. (AP) — New estimates put North Dakota's budget surplus at a staggering $1.6 billion.
Budget director Pam Sharp says the numbers were put together by state agencies, a national economic forecasting firm and talks with business leaders.
In July the state's budget surplus was estimated at $850 million. That doesn't count $1.1 billion in state reserve funds that have restrictions on how they can be spent.
Gov. Jack Dalrymple says explosive growth in sales tax revenues takes the credit for much of the increase.
He says oil exploration in western North Dakota has caused a bigger increase in tax collections than anyone expected.
Dalrymple says the surplus should be devoted to one-time public works projects and tax cuts.
The Legislature's interim Government Services Committee is hearing the revenue report Wednesday.