BISMARCK, N.D. (AP) — An advisory group of North Dakota lawmakers, state officials and business leaders has recommended much lower projections for oil prices and production when crafting budgets.
A dramatic drop in North Dakota tax collections due to depressed oil and farm commodity prices has North Dakota scrambling to make up for millions of dollars in potential shortfalls.
State Budget Director Pam Sharp calls the projections recommended Friday by the Legislature’s Advisory Council on Revenue Forecasting “not significantly above worst-case scenario.”
The assumptions will be used to craft a new forecast expected next week by the economic consultancy Moody’s Analytics.
Sharp says if the new revenue forecast shows a continuation of lower-than-expected tax collections, Republican Gov. Jack Dalrymple may have to call a special session to deal with the shortfall.
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