Is It North Dakota’s Turn For Austerity?
The sky isn’t falling, but the oil tax revenue bubble has definitely popped.
The decline in oil activity will also affect other tax revenue sources, with $130 million in projected general fund revenues for 2013-15 and a $550 million for projected general fund revenues for 2015-17.
What does this mean?
It should mean that legislators need to really look on the increases in on-going spending that have been occurring for the last 8-years, and actually make cuts to general government spending where possible – and shift that money to make sure that the one-time spending that is needed and was guaranteed to the Bakke…
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