N.D. to take in $38 million less than earlier projectedBISMARCK — North Dakota’s treasury will see $38.4 million less in 2009-11 than its budget writers assumed in November, a new forecast released today said.
By: By Janell Cole, N.D. Capitol Bureau, The Jamestown Sun
BISMARCK — North Dakota’s treasury will see $38.4 million less in 2009-11 than its budget writers assumed in November, a new forecast released today said.
Gov. John Hoeven and his budget director outlined the forecast this morning to legislators who are writing the 2009-11 budget.
The changes foreseen are due to the national recession’s effects on North Dakota, said Budget Director Pam Sharp.
The forecast still shows a healthy income to the state and merely decreases the surplus that was projected in November.
Compared to the November revenue forecast, the new one shows $21.2 million less in sales and use tax collections, $7.7 million less in motor vehicle excise tax, $10 million less in individual income tax, $4 million less in corporate income tax and $8.7 million less in interest income.
In the big picture, North Dakota is now expected to take in $2.638 million during 2009-11, compared to $2.676 million that was expected when Hoeven used the November forecast to present his budget to legislators on Dec. 3.
Cole works for Forum Communications Co., which owns The Jamestown Sun