fedgazette

A pleasant surprise: mo' money

North Dakota State Roundup

Published January 1, 2004  |  January 2004 issue

North Dakota's October tax revenues exceeded expectations by $9.75 million, or 14.7 percent greater than forecast. This continues a trend for the first four months of the state's fiscal biennium, for which tax revenues so far are $19.4 million above the 2003 legislative forecast.

Of the October total, $5.8 million came from individual income taxes. That take came in 37 percent over projections, with $2 million attributable to greater withholdings tied to rising incomes, according to the state's Office of Management and Budget.

Sales taxes also factored heavily in the surprise—$3.5 million, or 11.5 percent, above expectations. For the four months ended Oct. 31, sales taxes were above the forecast by $10.8 million.

Among other contributors were revenues of corporate and insurance premium taxes at 26.5 percent and 174.6 percent above forecast, respectively.

The excess revenues do not include a $25 million federal fiscal relief payment received in October, the second installment of a $50 million transfer begun with an identical payment in July.

Joe Mahon

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