North Dakota Is Rich

The Whistler • May 13, 2008

So rich, in fact, that the state has never before had as much as it does now in the treasury.

Bismarck, ND – State Treasurer Kelly Schmidt announced today that the State Treasury currently has a record balance of $1 billion.
“The current balance is a reflection of the strong economic growth that North Dakota is currently experiencing,” Schmidt said. “My role as treasurer is to take advantage of our state’s strong fiscal position and invest these dollars to maximize our returns.”
The investments recently purchased total $168 million and will be invested for just over 200 days. This will generate in excess of $1.3 million in interest income for the State of North Dakota’s Treasury. This biennium, interest to the general fund is more than $16.5 million which is a $10 million increase from the same period last biennium.

Given this record-setting treasury balance, can anyone in the state up to and including “Republican” Governor John Hoeven (who is currently opposing all new tax relief initiatives) really continue to argue that significant tax cuts aren’t in order?
The state has plenty of money. North Dakotans, on the other hand, are unhappy about their overall tax burden. So why not lighten that burden?

Tags: Domestic Issues, North Dakota News, Politics

http://www.bikebubba.blogspot.com/ Bike Bubba

Because if you lower taxes, you'll get even more tax revenue, and then the state will have an even bigger surplus. Duh.

:^)
http://dougeefargo.blogspot.com/ dougee

I don't see why Hoeven would be against the tax cut. With an almost $1 billion surplus one would think that some tax relief could be given to North Dakotans and ND businesses. This would only attract more businesses to move to North Dakota which would make the state even more profitable.
http://sayanythingblog.com robport

Hoeven is against it because he's a big-government Republican.

But I think he's going to be forced to offer some sort of tax relief plan.
http://SayAnythingBlog.com The_Whistler_ofnd

I think the money would be better spent giving all state employees an assistant so that they wouldn't actually have to do any work.

Wait a minute……
Pomerdorgrad

That's a pittance. You barely expand a refinery for that money.
http://www.bismarckndblog.com/ Dakota Lifestyle: B

That's a lot of money for a rural state like North Dakota. Granted, it wouldn't take long to decide how to spend it. But I think it shows how well North Dakota is doing economically right now. I give most of the credit to the energy industry.
Kelly Schmidt

Just to clarify….This is NOT a budget surplus. This is the Treasury balance…the working capital for the State of North Dakota. The budget surplus sits around $2 million.
http://Array Kelly Schmidt

quick fingers…..that's $200 million
http://SayAnythingBlog.com The_Whistler_ofnd

Ah that sounds more better.
http://dougeefargo.blogspot.com/ dougee

I thought the budget surplus was supposed to be around $800 million. That is what I heard from a few legislatures at the state convention.
captain dave

No matter what government is too large in ND and taxes reflect the government's size. Wouldn't it be interesting to have citizens and not party members just chase down the government and tell them NO! No to spending all they can collect and even more.
Novel, don't you think? Screw paries and just be a citizen.
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North Dakota Is Rich

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