New ND Revenue Forecast Assumes $4B Shortfall In Oil Revenue
BISMARCK, N.D. (AP) —North Dakota lawmakers have adopted a revised revenue forecast that reflects a more than $4 billion shortfall in oil revenue due to the slumping price of crude.
The House Appropriations Committee voted 22-1 on Thursday to accept the revised figures for the next two-year budget cycle. The final revenue forecast is slated to be presented in mid-March.
Legislative budget analyst Allen Knudson told lawmakers that state agencies worked with oil industry representatives to craft the new forecast.
Gov. Jack Dalrymple's budget plan released in December assumed North Dakota sweet crude would fetch $74 a barrel when the next budget cycle begins and $82 when the biennium ends on June 30, 2017.
North Dakota crude was fetching below $40 in some markets on Thursday.
(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)