Halfway Through The Biennium North Dakota General Fund Revenues Up 61% Over Last Biennium
Just a little over half way through the 2011 – 2013 biennium the state is already running a $848.9 million budget surplus. The Office of Management and Budget updated legislators about the latest numbers today (read the Bismarck Tribune’s report here). Below is the OMB’s full report, including this table (click for a larger view):
Sales tax collections are up 92.1% YTD in the current biennium compared to YTD in the last biennium. Motor vehicle tax collections are up 122%, individual income tax revenues are up 41.6%, corporate income tax revenues are up 142.6%, oil and gas production revenues are up 205% and oil and gas extraction tax revenues are up 161.7%.
It’s almost not news any more to report double and triple digit increases in tax revenues in North Dakota any more since they’ve become routine, but it is startling to look at the numbers.
Some would argue that these monstrous increases are the result of sound policy and prudent management. I see a picture of a state that is overtaxed, and of policy leaders who have been too slow to reduce tax burdens.