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.