N.D. legislative leaders to propose reforms to avoid future shortfalls

BISMARCK — After dealing with the fallout from a budget forecast that has missed the revenue mark by nearly $1.4 billion, North Dakota legislative leaders said Thursday they plan to propose reforms next session aimed at preventing similar situations in the future.

Lawmakers got their first look Thursday morning at projected revenues for next biennium, just minutes after adjourning from special session to balance a projected $310 million shortfall in the current 2015-17 budget.

The preliminary forecast for 2017-19 projects tax revenues flowing into the state's general fund will increase by 4.9 percent, or $175 million, over revenues for the current two-year cycle, from about $3.59 billion to $3.76 billion.

The outlook was prepared by Moody's Analytics, the same consulting firm that prepared the revenue forecast lawmakers relied on in early 2015 when setting the state's two-year budget at a record $14.4 billion, including a $6.03 billion general fund budget.

Read more: http://www.inforum.com/news/4088242-nd-legislative-leaders-propose-reforms-avoid-future-shortfalls

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N.D. Legislature plugs $310 million budget gap, looks ahead to next session
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