Tue, Nov 21st, 2023 - 4:19pm
May 10, 2023 - 5:45am | By Ty Schonert
(Bismarck, ND) -- Governor Doug Burgum is rejecting an eleventh-hour proposal to use the state's oil tax savings fund as a backstop.
The Republican governor nixed the Office of Management and Budget's bill that would use 70-million of the $8.8 billion dollar Legacy Fund for immediate budget purposes. The governor said it makes more sense to leave the money where it is to garner more investment return than to cushion North Dakota's budget.
"On the last day of the session, Section 30 of SB 2015 was added to increase the percentage used in the earnings calculation from 7% to 8%, "Said Governors Burgum in the veto statement, "With this higher percentage, the Legislature would be withdrawing an estimated $70.5 million in additional Legacy und earnings every two years, only to have these withdrawls [sic] sit in low interest-bearing general fund accounts."
You can read the veto statement by North Dakota Governor Doug Burgum by clicking here.
