Rev-E-News: February 2024

North Dakota Office of Management and Budget sent this bulletin at 02/21/2024 11:24 AM CST

Monthly North Dakota Revenue Report

The Legacy Fund

The Legacy Fund became part of the North Dakota Constitution in 2010 after voters passed the constitutional amendment, House Concurrent Resolution 3054, that was adopted by the 2009 Legislature. The fund is derived from 30% of oil and gas production and extraction taxes that are collected each month. No more than 15% of the principal can be expended during a biennium and a vote of at least two-thirds of the members of each house of the Legislative Assembly is required to spend any of the principal. The earnings the fund receives are transferred once a biennium to the General Fund and then immediately transferred to the Legacy Earnings Fund and can be appropriated based on North Dakota Century Code 21-10-13.