No budget cuts expected as North Dakota state revenues ahead of forecast

North Dakota tax collections took a hit in August, but overall state revenues for the two-year budget cycle are maintaining a narrow cushion, with no budget cuts expected.

Office of Management and Budget Director Joe Morrissette last week presented a report on August general fund revenues to the Legislature's Budget Section. The general fund covers general government operations.

August revenues were down 18.4% compared to projections. The new report showed recent sales taxes -- the biggest general fund revenue source -- down 25.4% compared to the Legislature's 2019 forecast.

But overall tax collections for the state's 2019-21 budget cycle are 2.4% above forecast, or $76.7 million ahead.

Read more: https://bismarcktribune.com/news/local/govt-and-politics/no-budget-cuts-expected-as-north-dakota-state-revenues-ahead-of-forecast/article_fbe2d1cd-423f-5d4f-86dc-a75c438267d7.html