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May 2014 Rev-E News

May 2014 Rev-E News

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Published by Rob Port
May 2014 Rev-E News
May 2014 Rev-E News

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Published by: Rob Port on May 21, 2014
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OFFICE OF MANAGEMENT AND BUDGET 600 EAST BOULEVARD AVE
 — 
 DEPT. 110 BISMARCK, ND 58505-0400
North Dakota REV-E-NEWS
MESSAGE FROM THE DIRECTOR
May 2014 Pam Sharp, Director
Comments or Questions? Contact Pam Sharp, Director
 Phone: 701
-
328
-
2680
 Fax : 701
-
328
-
3230
 E
-
mail
:
psharp@nd.gov
 
Visit OMB’s website
www.nd.gov/omb
 
OIL ACTIVITY
 
Statistical Information
 
Tax Allocations (in Millions)
 
Mar 
 
2014
 
Feb
 
2014
 
Jan
 
2014
 
 Actual average price per barrel
 
$90.29
 
$91.34
 
$80.85
 
Production
 
(barrels/day)
 
977,051
 
952,055
 
935,126
 
Drilling permits
 
250
 
180
 
253
 
Producing wells
 
10,457
 
10,199
 
10,114
 
Rig count
 
193
 
189
 
188
 
State Policy Reports
 recently released the 2014 Camelot Index. Developed by
Reports
 founding editor Hal Hovey, the Camelot Index, ranks states by six components: economic vitality, healthy people, education, crime, healthy society, and prudent government. When combined, these components measure the overall quality of life within a state. Each index component contains multiple variables are that measured and ranked, with the desired result receiving the #1 ranking. Categorical rankings are averaged to determine the overall state score. If a state were ranked best in every component, the state would have score of 1. The state ranked last would have a score of 50.
 
For the third consecutive year, North Dakota claimed the #1 overall rank, with a score of 8. Iowa, Minnesota, New Hampshire and Wyoming fill out the 2014 top 5 rankings, with scores between 9.5 and 12.2. The lowest ranked state was South Carolina with 40 points.
 
North Dakota ranked #1 in two of the six index components: economic vitality and education. “North Dakota maintained its position at the top of the Healthy Economy index due to its steady population, employment and per capita personal income growth, and high retail wages. “ North Dakota and Kansas tied for the top spot in the Educated Population component, which measures pupil
-
teacher ratio, high school graduation rate, in
-
state college costs, and SAT/ACT scores. “Both states have strong high school graduation rates and low average in
-
state college costs, while North Dakota has a lower pupil
-
teacher ratio and Kansas has higher SAT/ACT composite scores.” The state also ranked high in the healthy people (15), crime (3), healthy society (4) and prudent government (24) components.
Biennium
 
to Date
 
Apr 31, 2014
 
Political subs and tribes
 
$429.7
 
Legacy fund
 
653.5
 
General fund
 
300.0
 
Education funds
 
220.5
 
Resources trust fund
 
216.4
 
Oil and gas impact fund
 
128.2
 
Property tax relief fund
 
341.8
 
Other allocations
 
60.7
 
Total
 
$2,350.8
 
8.0 9.3 7.0 9.5 12.3 12.2 11.5 9.5 12.7 12.0 12.5 10.0 12.2 12.7 11.7 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0201420132012
   A   v   e   r   a   g   e   R   a   n    k   i   n   g   s
S/P/R State Policy Reports, Volume 32, Issue 9, May 2014
2014 Camelot IndexComparison of Top 5 States
NDIAMNNHWY
 
Page 2
North Dakota REV-E-NEWS
May 2013May 2013Revenues and TransfersLeg. ForecastActualVariancePercentLeg. ForecastActualVariancePercent
Sales Tax91,755,00097,586,2045,831,2046.4%977,397,0001,011,713,28034,316,2803.5%Motor Vehicle Excise Tax 13,984,00012,702,780(1,281,220)-9.2%125,798,000112,681,197(13,116,803)-10.4%Individual Income Tax121,718,000162,398,27540,680,27533.4%352,745,000478,586,143125,841,14335.7%Corporate Income Tax44,896,00059,592,99614,696,99632.7%136,616,000189,676,29153,060,29138.8%Insurance Premium Tax(119,350)411,965531,315-445.2%25,052,86031,249,6176,196,75724.7%Financial Institutions Tax14,39514,395100.0%(4,887,518)(4,887,518)-100.0%Oil & Gas Production Tax*33,304,17233,304,1720.0%146,071,108146,071,1080.0%Oil Extraction Tax*9,306,6719,306,6710.0%153,928,892153,928,8920.0%Gaming Tax441,450262,370(179,080)-40.6%3,591,4702,938,367(653,103)-18.2%LotteryCigarette & Tobacco Tax2,301,0002,276,416(24,584)-1.1%23,864,00024,566,511702,5112.9%Wholesale Liquor Tax788,000681,836(106,164)-13.5%7,627,0007,579,208(47,792)-0.6%Coal Conversion Tax1,543,0001,670,244127,2448.2%14,506,00013,559,296(946,704)-6.5%Mineral Leasing Fees791,6673,233,3452,441,678308.4%7,916,67015,416,6177,499,94794.7%Departmental Collections1,868,9652,931,1701,062,20556.8%31,707,94334,694,0682,986,1259.4%Interest Income478,170237,396(240,774)-50.4%5,007,8502,071,638(2,936,212)-58.6%State Mill & Elevator-Transfer Major Special Fund Transfers341,790,000341,790,0000.0%Other Transfers222,170222,170888,6801,067,934179,25420.2%
Total Revenues and Transfers323,278,914386,832,40463,553,49019.7%2,354,508,4732,562,702,649208,194,1768.8%
STATEMENT OF GENERAL FUND REVENUES AND FORECASTS
Compared to the Legislative Forecast 
2013-15 Biennium
*
The general fund cap for oil and gas taxes contains two tiers. The first tier of $200.0 million was reached in October 2013. The next $341.8 million was deposited ino the property tax relief fund. The second tier of $100.0 million was reached in April 2014, two months earlier than anticipated. Although actual collections exceed the monthly forecast, for the purposes of this report, oil tax forecast amounts are shown as being equal to actual collections. Exceeding the forecast in a single month only accelerates the time frame during which the general fund will receive its share of oil taxes, but does not increase the general fund share above the statutory cap. Total production and extraction tax collections of $260.9 million were distributed in April 2014. The state general fund reached its cap of $300.0 million and will not received any additional allocations this biennium. Through April, $653.5 million has been deposited into the legacy fund; for a total of $2.0 billion.
Fiscal MonthBiennium To Date
April 2014
 
Page 3
North Dakota REV-E-NEWS
STATEMENT OF GENERAL FUND REVENUES AND FORECASTS
Compared to the Previous Biennium Revenues
2013-15 BienniumApril 2014
AprilAprilRevenues and Transfers20122014VariancePercent2011-132013-15VariancePercent
Sales Tax96,061,77597,586,2041,524,4291.6%857,277,1501,011,713,280154,436,13018.0%Motor Vehicle Excise Tax 11,259,60112,702,7801,443,17812.8%99,167,247112,681,19713,513,95013.6%Individual Income Tax151,583,085162,398,27510,815,1907.1%394,599,867478,586,14383,986,27621.3%Corporate Income Tax67,158,50859,592,996(7,565,512)-11.3%152,687,449189,676,29136,988,84224.2%Insurance Premium Tax(134,820)411,965546,785-405.6%28,299,07931,249,6172,950,53810.4%Financial Institutions Tax2,078,57414,395(2,064,179)-99.3%3,904,295(4,887,518)(8,791,813)-225.2%Oil & Gas Production Tax*33,304,17233,304,172100.0%99,799,206146,071,10846,271,90246.4%Oil Extraction Tax*9,306,6719,306,671100.0%100,200,794153,928,89253,728,09853.6%Gaming Tax601,389262,370(339,018)-56.4%4,892,6812,938,367(1,954,314)-39.9%LotteryCigarette & Tobacco Tax2,088,9622,276,416187,4539.0%21,851,33524,566,5112,715,17612.4%Wholesale Liquor Tax662,625681,83619,2112.9%6,895,0257,579,208684,1839.9%Coal Conversion Tax1,515,3481,670,244154,89610.2%14,539,55513,559,296(980,259)-6.7%Mineral Leasing Fees5,709,4553,233,345(2,476,111)-43.4%25,380,59915,416,617(9,963,981)-39.3%Departmental Collections1,911,8082,931,1701,019,36353.3%31,061,45934,694,0683,632,60811.7%Interest Income453,170237,396(215,773)-47.6%4,757,8352,071,638(2,686,197)-56.5%State Mill & Elevator-Transfer 0Major Special Fund Transfers0295,000,000341,790,00046,790,00015.9%Other Transfers185,625222,17036,54519.7%764,9061,067,934303,02939.6%
Total Revenues and Transfers341,135,104386,832,40445,697,30013.4%2,141,078,4832,562,702,649421,624,16619.7%Fiscal MonthBiennium To Date
*
The general fund cap for oil and gas taxes contains two tiers. The first tier of $200.0 million was reached in October 2013. The next $341.8 million was deposited ino the property tax relief fund. The second tier of $100.0 million was reached in April 2014, two months earlier than anticipated. Total production and extraction tax collections of $260.9 million were distributed in April 2014. The state general fund reached its cap of $300.0 million and will not received any additional allocations this biennium. Through April, $653.5 million has been deposited into the legacy fund; for a total of $2.0 billion.

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