First, I have made three postings today. There is this report on North Dakota’s General Fund Revenues and Transfers. Below that is the Airline Boardings Report, and finally the most recent Employment/Unemployment report.

Concerning this report, second verse same as the first… Well, at least one thing that can be said about the projections purchased by the state is that they are consistent. That is, the same to be off by the same amount in each category every month.

At least that is the case with the amount they are off for the biennium to date. For a month to month comparison you would find some fairly with swings. For instance, with the individual income tax category they were short by about nine percent. That was blamed on people making the final adjustments on their 2013 income taxes. While that may be a valid reason it means that for the individual income taxes in North Dakota they were off by over 35 percent, and that is too much.

Incidentally, they were off by nearly that exact amount in the same time as the corporate income taxes. Also, in the insurance premium tax.

The worst category was the financial institutions tax. The projections
were off by 100 percent according to the OMB report. That hardly seems possible if any real economic effort was attempted.

Well, ignoring that waste of money, we can be happy that the report continues to very positive concerning North Dakota’s revenue. Even after the legislature’s attempt to cut taxes the state has collected nearly 20 percent more money to date than last biennium. We really are getting to a point where we need to consider some serious tax refunding to this state’s citizens.

 

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