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NEWS CATEGORIES

Oil tax revenue: where the money goes

Written by: Matt Bunk

Here is a list of the largest funds in North Dakota that receive oil tax revenue.

The General Fund

Essentially, this is the bank account for the North Dakota Legislature. It’s the fund that lawmakers have discretion to spend however they please on government services. The fund will receive an estimated $682 million in oil tax revenue during the current biennium.

Resources Trust Fund

A constitutional trust fund that provides money for the construction of water-related projects (including rural water systems) and energy conservation projects. The fund will receive an estimated $200 million in oil tax revenue during the current biennium.

Common Schools Trust Fund

Established in the original North Dakota constitution in 1889 to support public schools across the state. The fund will receive an estimated $100 million in oil tax revenue during the current biennium.

Foundation Aid Stabilization Fund

Created through a constitutional amendment in 1994. The principal may only be spent upon order of the governor to offset foundation aid reductions made by executive action due to a revenue shortfall. The fund will receive an estimated $100 million in oil tax revenue during the current biennium.

Oil and Gas Impact Fund

Money used to assist counties, cities, school districts and other political subdivisions to meet the needs as oil, gas and coal production affects basic government services. The fund will receive an estimated $100 million in oil tax revenue during the current biennium. An additional $247 million will be set aside for counties, school districts and other political subdivision during this biennium.

Legacy Fund

Approved by ND voters in 2010 to set aside 30 percent of the state’s oil tax revenues in a trust fund. The fund will receive an estimated $613 million in oil tax revenue during the current biennium.

 

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  1. Pingback: Oil revenue: a blessing and curse for ND government | Great Plains Examiner

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