How Can They Be That Far Off? Truly, Truly Embarrassing? Not To Worry. It Sounds Like The Budget Director Is Moving Money Around As Fast As Possible To Eliminate Appearance Of A Surplus

The Dickinson Press is reporting:

Revenue streaming into North Dakota’s general fund has surpassed the state’s forecast by $1.6 billion with one month left to go in the two-year budget cycle, state Budget Director Pam Sharp reported Tuesday, prompting one lawmaker to ask, “How can we be that far off?”

Rep. Kathy Hawken, R-Fargo, posed the question after Sharp presented figures to the Legislature’s interim Budget Section showing that revenue for the current biennium totaled $4.95 billion through May. That’s up 48 percent from the legislative forecast released by the Office of Management and Budget in April 2011.

The higher-than-expected revenue is expected to leave the general fund with a $1.7 billion surplus by the end of the month.

Sharp explained Tuesday that the forecast was based on nearly three-year-old numbers, from the summer and fall of 2010.

I think the state budget director needs to talk to Harold Hamm. Or read the corporate presentations of the Bakken-centric operators. Or talk to Lynn Helms. Or, maybe even visit Williston.

The good news: the state is working overtime to spend the money and/or transfer it to other areas where it can be spent, so they won't be embarrassed by the huge surplus. At least that was the feeling I got by reading the rest of the article.