Rev-E-News: August 2023

Monthly North Dakota Revenue Report

General Fund Revenue Collections

Final 2021-23 General Fund revenue collections were $5.32 billion, which was 29.1% higher than the original legislative forecast that was used to track revenue throughout the biennium and 3.3% higher than the revised forecast that was adopted in March 2023.  The strong collections were mainly attributable to continued growth in sales tax revenue related to the oil sector, higher personal income and higher than anticipated collections for corporate income tax. The chart below shows a biennium comparison of actual revenue versus the forecasted revenues for the four major tax types.

Oil Updates

The 2023-25 legislative oil forecast assumes an average North Dakota price of $70 per barrel for the first year of the biennium and then decreases to $62 per barrel for second year of the biennium. Production is estimated at 1.1 million barrels per day throughout the biennium.

The 2023 legislature enacted several changes affecting the allocation and rates of oil and gas taxes. The chart below reflects those changes.

Note: There is no allocation of oil taxes in July 2023 for the 2023-25 biennium, those allocations were applied back to the 2021-23 biennium. The first allocation of oil taxes for the 2023-25 biennium will take place in August 2023.

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Statement of General Fund Revenues and Forecasts

Compared to the Legislative Forecast
2023-25 Biennium
July 2023

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Compared to the Previous Biennium Revenues
2023-25 Biennium
July 2023

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