With revenues climbing North Dakota Governor Doug Burgum outlined a budget plan to a joint session of the legislature today that calls for cutting individual incomes taxes for residents to the tune of $500 million dollars over two years.
Burgum says oil tax revenues are running 60% ahead of forecast and general fund revenues are up 23%.
Burgum says he knows there are calls for providing property tax relief – but history shows providing those subsidies don’t always work.
The budget would increase K-12 per-pupil funding by 4% and 3% each year of the biennium…adds $76 million to address child care needs…and provides $2.4 billion for aging roads and bridges.
The Burgum budget would also earmark $167 million dollars across multiple agencies and programs to address the workforce shortage in North Dakota.
Other highlights:
The budget also includes:
- $10 million for a Rural Revitalization and Redevelopment Grant Program to promote in-fill development, especially in blighted areas.
- $5 million for a Rural Workforce Housing Program
- $25 million into the Housing Incentive Fund.
- In addition to the targeted pay equity funding, the budget recommends performance increases of 6% in the first year of the biennium and 4% in the second year.
- The budget invests over $30 million in behavioral health, with additional FTEs for more peer support specialists and mobile crisis services.
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