Budget section hears statewide fiscal trends: oil forecast, federal funds decline and sector spending

Legislative staff presented an overview of state budget and fiscal trends to the Legislative Budget Section, including general fund composition, oil and gas forecasts, federal fund variability and major appropriation categories.

Brady, fiscal analyst with the Legislative Council, walked members through charts showing the structure of general fund revenues (beginning balance, tax and fee revenues, and transfers). He said transfers such as Bank of North Dakota profits have been used in past biennia but were reduced for the 2527 biennium, which was balanced without the large SIF transfers used previously. Brady told the panel the largest revenue type at the top of the revenue stack is sales and motor vehicle excise taxes, followed by individual and corporate income taxes; he cautioned that corporate income tax collections…