- Associated Press - Wednesday, September 23, 2015

BISMARCK, N.D. (AP) - Tax revenues in North Dakota fell $47 million short of projections in August as the number of oil drilling rigs continues to tumble down due to low crude prices.

Management and Budget Director Pam Sharp on Wednesday told a legislative group that sales tax collections came $44 million short of the forecast during the second month of the 2015-2017 biennium that began July 1. Revenues from a combination of gaming, income and other taxes were $3 million short from projections.

Sharp says the decline is directly related to the decrease in active rigs in North Dakota. The state currently has 68 rigs operating, compared to 196 a year ago.

House Majority Leader Al Carlson says “the sky is not falling,” but officials need to keep a close eye on revenues.

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