Tag Archives: legacy fund

Gov. Doug Burgum, left, answers question from members of the House Appropriations Committee's Education and Environment Division on Wednesday in the state Capitol in Bismarck. He is proposing that money from the Legacy Fund proposal be used to build the Theodore Roosevelt Presidential Library Museum at Medora. Mike McCleary / Bismarck Tribune

Plain Talk Podcast: Burgum Opposes Using Legacy Fund Earnings to Replace Income Tax, Talks About Frosty Relationship With State Lawmakers

Plain Talk Podcast: Burgum Opposes Using Legacy Fund Earnings to Replace Income Tax, Talks About Frosty Relationship With State Lawmakers

Governor Doug Burgum was kind enough to be my guest for the first episode of my podcast, Plain Talk. I asked him about what some have described as a frosty relationship between his administration and the Legislature, and he down played it. “We’ve got 141 members in the Legislature, he told me. “The frost advisory

Print Column: Using the Legacy Fund to Eliminate Income Taxes Is an Idea Worthy of Debate

MINOT, N.D. — I’d very much like to live without income taxes. That’s not just a personal desire. One of the biggest challenges to stability and prosperity here are labor shortages and an economy too dependent on commodity-driven industries. Agriculture and energy are great, but it’s a challenge to ride those ups and downs. Eliminating

Smoke rises from the North Dakota Capitol and chimneys of nearly every building and home. Tom Stromme / Bismarck Tribune

It’s Time to Stop Listening to the Legacy Fund Hoarders

In 2009 the North Dakota Legislature passed a constitutional amendment to create a fund out of a portion of taxes on oil and gas development. It was passed by the voters in the 2010 election, and the result is the Legacy Fund which has a balance of around $5 billion. Over the years there have

We Definitely Should Not Use the Legacy Fund for an Alaska-Style Permanent Dividend

My Sunday print column was about North Dakota’s Legacy Fund, a constitutional amendment initiated by the Legislature and approved by the voters which diverts a hefty chunk of oil tax revenues into a fund which now holds billions of dollars for which there is no defined public purpose. In my column I argue that it’s

Senate majority leader Sen. Rich Wardner (R-Dickinson), left, and House majority leader Rep. Al Carlson (R-Fargo) review amendments for legislation before a meeting at the state capitol. Tom Stromme / Bismarck Tribune

Republican Legislative Leaders Announce Propose New Funds for Infrastructure (And Hint at Legacy Fund Lending Program)

The leadership of the North Dakota Legislature – specifically House Majority Leader Al Carlson, a Republican from Fargo, and Senate Majority Leader Rich Wardner, a Republican from Dickinson – are traveling the state today to announce a big new spending package to address infrastructure needs and, according to their press release, lower local tax burdens.

Screenshot from a presentation promoting legislation which would use North Dakota's Legacy Fund as a revolving loan program for some types of infrastructure.

Rep. Roscoe Streyle: Treasurer Schmidt Is Wrong to Oppose Legacy Fund Loan Program

This guest post was submitted by state Rep. Roscoe Streyle, a Republican from Minot. It’s interesting that State Treasurer Kelly Schmidt, who preaches financial literacy, apparently needs a little teaching herself. One only needs to look at the data to prove it. To be fair the Legacy Fund has had a good past few years

Screenshot from a information PDF being circulated in support of using some Legacy Fund dollars to finance infrastructure projects.

What if North Dakotans Started Financing Infrastructure by Lending Money to Themselves?

In 2009 the North Dakota Legislature passed a constitutional amendment to create a fund out of a portion of taxes on oil and gas development. It was passed by the voters in the 2010 election, and the result is the Legacy Fund which has a balance of going on $5 billion. It’s projected to have

We Shouldn’t Use the Legacy Fund to Prop up Boom Time Spending

A letter write to the Fargo Forum today asks a question that’s probably going through the minds of a lot of North Dakotans. As lawmakers engage in a painful budgeting process to finish out this year’s session, why aren’t they tapping into more of the state’s prodigious reserve funds? The Legacy Fund, specifically, which was created

A drone hovers around a skywalk at the University of North Dakota in Grand Forks, ND on Friday, June 19, 2015. (Grand Forks Herald/ Joshua Komer)

North Dakota’s Universities Need Spending Reform Not a Bailout

In a letter to the Grand Forks Herald today University of North Dakota professor Thomasine Heitkamp (sister to U.S. Senator Heidi Heitkamp) argues that the state ought to tap into its Legacy Fund amid revenue shortfalls to fund the state’s universities. “The Legacy Fund was created for just the sort of fiscal crisis we face now,” she

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