Post by libby on Feb 1, 2016 22:00:13 GMT -6
BISMARCK – As news of North Dakota's $1 billion revenue shortfall and 4.05 percent budget cuts for state agencies sank in Monday, some elected officials predicted the appetite for tapping into the state's $3.5 billion trust fund for oil taxes will grow when lawmakers convene next January.
Some majority Republican lawmakers have adamantly opposed spending the Legacy Fund's principal or earnings as a way to weather the downturn in state revenues caused by depressed market prices for crude oil and agricultural commodities.
But Senate Majority Leader Rich Wardner, R-Dickinson, said Monday he supports using the fund's earnings while protecting the principal.
"They will be available, and that's what I think will help us in formulating this budget and (taking) care of our priorities," he said, adding, "I think the downturn in the revenue has definitely changed that conversation."
Read more: www.inforum.com/news/3937695-nd-revenue-shortfall-put-pressure-oil-tax-trust-fund
Some majority Republican lawmakers have adamantly opposed spending the Legacy Fund's principal or earnings as a way to weather the downturn in state revenues caused by depressed market prices for crude oil and agricultural commodities.
But Senate Majority Leader Rich Wardner, R-Dickinson, said Monday he supports using the fund's earnings while protecting the principal.
"They will be available, and that's what I think will help us in formulating this budget and (taking) care of our priorities," he said, adding, "I think the downturn in the revenue has definitely changed that conversation."
Read more: www.inforum.com/news/3937695-nd-revenue-shortfall-put-pressure-oil-tax-trust-fund