BISMARCK, N.D. (AP) —North Dakota lawmakers have adopted a revised revenue forecast that reflects a more than $4 billion shortfall in oil revenue due to the slumping price of crude.
The House Appropriations Committee voted 22-1 on Thursday to accept the revised figures for the next two-year budget cycle. The final revenue forecast is slated to be presented in mid-March.READ MORE: Testimony Set To Continue, Closing Up 1st Week Of Ex-MPD Officers' Federal Trial
Legislative budget analyst Allen Knudson told lawmakers that state agencies worked with oil industry representatives to craft the new forecast.READ MORE: Apply To ServeMinnesota
Gov. Jack Dalrymple’s budget plan released in December assumed North Dakota sweet crude would fetch $74 a barrel when the next budget cycle begins and $82 when the biennium ends on June 30, 2017.
North Dakota crude was fetching below $40 in some markets on Thursday.MORE NEWS: Judge Considers Kyle Rittenhouse Request To Get Back Gun Used In Fatal Shootings
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