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North Dakota’s general fund expects $1B positive balance

July 22, 2021 GMT

BISMARCK, N.D. (AP) — Preliminary budget numbers unveiled Thursday show North Dakota’s general fund should collect far more money than what lawmakers expected in the two-year budget cycle that ended last month.

State Office of Management and Budget Director Joe Morrisette said stronger-than-expected oil prices and a rebounding economy bumped general fund revenues to $5.7 billion for the 2019-21 budget cycle.

The Legislature had forecast general fund revenues at $5.4 billion for the two-year cycle, with a positive balance of about $710 million.

Morrisette said the additional revenues mean the general fund will now have an ending balance of more than $1 billion.

General fund spending goes to an assortment of programs, including education and human services. It is funded largely by state taxes on income, sales, energy, tobacco and gambling.