A handful of North Dakota state legislators recently put forth a proposal to tap into the principal of the state’s constitutionally-established Legacy Fund to establish a loan program for infrastructure projects. The plan is expected to come before the 2019 State Legislature and will likely be one of many ideas and proposals that surface in the coming months which aim to utilize either the earnings or a portion of the principal of the Fund. Continue reading »
New Legacy Fund Analysis Shows Long-Term Prudent Management Can Double or Triple Fund Balance
March 31, 2017 in Carbon Management Authors: Brad Crabtree, Dane McFarlane, Patrice Lahlum
The 2017 North Dakota legislature faces a tough predicament as they work to finalize budgets and funding levels for the 2017-2019 biennium. March 2017 projections developed by the State Office of Management and Budget show projected general fund revenue shortfalls of more than $100 million. Continue reading »
BISMARCK – A diverse group of North Dakota public, private, community and nonprofit leaders and citizens are taking part in a Legacy Fund project aimed at developing a consensus vision and recommendations for future use of the state’s growing Legacy Fund.
Convened by the Great Plains Institute, the 25-‐member group will meet over the next several months to form their recommendations in advance of the 2015 legislative session. Community forums will be held around the state to gather input on the group’s ideas.
“The principal of the Legacy Fund could reach tens of billions of dollars by 2030 and we have the opportunity now to have a serious policy dialogue about how best to position the Legacy Fund to create the framework for leaving a lasting legacy for generations to come,” said GPI policy director Brad Crabtree.
Established in 2010 by North Dakota voters through a legislatively-‐referred constitutional initiated measure, North Dakota’s Legacy Fund currently stands at $1.5 billion and has been projected to reach $6 billion by 2017, when Fund returns first become available for expenditure. Thirty-‐percent of oil and gas tax revenue is deposited into the Fund.
“Through this project, North Dakota citizens will have both the opportunity and the means to chart a compelling vision for their future,” said GPI consultant and project co-‐director Patrice Lahlum.
The group will produce a consensus white paper as a work product prior to the next legislative session that will encompass principles, strategies and priorities for the Legacy Fund.
The Northwest Area Foundation provided grant funding to support the project. A full listing of project participants can be found on the Great Plains Institute website at www.betterenergy.org.
