BISMARCK – North Dakota’s trust fund for oil taxes is realizing hefty earnings due to a rebounding economy and better-than-expected stock investments.
Revenue from the Legacy Fund for the two-year budget cycle that ended last month was about $872 million. That’s up from the $736 million that budget writers and the Legislature had forecast. Nearly half of the extra revenue will be used to reimburse a constitutional fund that benefits schools but had been shortchanged in error for about a decade.
Money from the Common Schools Trust Fund is distributed to North Dakota’s public schools.
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