Rev-E-News: January 2024

North Dakota Office of Management and Budget sent this bulletin at 01/22/2024 04:28 PM CST

Monthly North Dakota Revenue Report

Rainy-Day Funds

State governments typically create rainy-day funds to supplement general fund expenditures during a downturn in revenue or unanticipated shortfalls. According to the latest issue of The Fiscal Survey of States, published by the National Association of State Budget Officers (NASBO), all 50 states reported having at least one rainy-day fund. North Dakota's rainy-day fund is the Budget Stabilization Fund. Per the North Dakota Century Code 54-24.2-01, the fund is capped at 15% of the most recently approved General Fund biennium appropriation. The current cap is $914.4 million. The chart below depicts the balance of the Budget Stabilization Fund as a percent of general fund fiscal year expenditures (not appropriation) as compared to the combined average of all 50 states.