According to the Office of Management and Budget’s most recent general fund revenue report (see below), the State of North Dakota has failed to beat the previous biennium’s revenues in a month for the first time since at least the 2007 – 2009 biennium.
Through January the cumulative general fund revenues taken in by the state in the first seven months of the 2015-2017 biennium were $1,845,102,983.
Through the same month in the 2013-2015 biennium general fund revenues were $1,848,890,323.
That’s a 0.2 percent decline. Not exactly an off the cliff moment, to be sure, and it’s still a total which is 128 percent higher than the same period in the 2007-2009 biennium, but it is a paradigm shift for the state which hasn’t seen a decline in tax revenues in a long, long time.
This chart shows cumulative general fund revenues for the first seven months of each biennium going back to 2007-2009:
As you can see from the chart serving as the banner image, it’s sales taxes and personal income taxes which are seeing the biggest declines.
To date, the 2015-2017 biennium has seen a $141 million decline in sales tax revenues and a $113 million decline in individual income tax revenues. The corporate income tax, with a $63 million decline, comes in third.
Here’s the full report: