Like a lot of other oil and gas producing states, North Dakota is struggling with plunging revenues from gross production taxes and how they have affected overall state revenues.
North Dakota’s State Office of Management and Budget Director Joe Morrissette reported this week the tax revenues from oil production in the nation’s 2nd highest oil producing state are well below forecasts but overall state revenues are ahead of projections.
Morrissette presented the latest revenue figures on Tuesday to the Legislature’s interim Government Finance Committee. May revenues to the state’s general fund, which funds general government operations, were down 19.1%, or $36 million, from a 2019 legislative forecast.
But overall, state revenues are running 1.9%, or $45.4 million, ahead of the forecast.
“That’s positive news,” Morrissette told the committee.
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