The Appropriations Committees in North Dakota’s House of Representatives and Senate have adopted a new revenue forecast, balancing between forecasts presented by the Office of Management and Budget and financial consulting company S&P Global. The new forecast predicts an increase in state earnings by the end of the 2023-25 biennium but a decrease for the 2025-27 biennium. Anticipated oil prices have also dropped, affecting funding for the Strategic Investment and Improvements Fund, specifically the Prairie Dog fund. Lawmakers are currently overspent, necessitating spending cuts during the second half of the session. The committee chairs aim to reduce proposed spending by cutting SIIF spending by $150 million and General Fund expenditures by $400 million. Despite the need for cuts, plans for property tax reform and relief are still viable, relying on Legacy Fund earnings for sustainability. The lawmakers are optimistic about future earnings and financial improvements in upcoming sessions.
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