Pam Sharp, North Dakota's Director of the Office of Management and Budget, says "Revenue growth is at an all time high" in a recent article in the Grand Forks Herald. A March 13 budget report to the North Dakota legislature itemizes the higher than expected revenues that state's "booming economy" has delivered to their General Fund in the month of February alone:
- Sales taxes of $81 million, $21 million higher than projected
- Motor vehicle taxes of $9.5 million, $3.3 million higher than projected
- Individual income taxes of $18.3 million, $11 million higher than projected
- Corporate income taxes of $10.5 million, $8.7 million higher than projected
- Other categories of taxes, including insurance premiums, financial institutions, tobacco, and liquor taxes are also ahead of projections - only gaming taxes were down in February (perhaps because North Dakota's unemployment rate is the lowest in the country?)
Nearly 90% of Alaska's general fund revenue comes from petroleum, while North Dakota has a much more diversified stream of general fund revenue. In their latest legislative forecast, the general fund budget included:
- 48% sales tax revenue
- 20% oil & gas production and extraction revenue
- 15% individual income tax
- 6% motor vehicle tax
- 3% corporate income tax
- 8% other taxes, fees and interest
Oil and gas production taxes are shared between the General Fund, a property tax relief fund, and a Legacy Fund approved by voters in November 2010. Deposits to the Legacy Fund have already topped $200 million and the fund is forecast to grow to $1.5 billion by June 2013.
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