North Dakota tax revenues fall $215M short of projections

BISMARCK, N.D. (AP) - North Dakota continues to see less-than-expected tax collections due to declining oil drilling activity.

Office of Management and Budget Director Pam Sharp says overall tax revenues through December are about $215 million less than projected.

Most of the drop comes from weakened sales tax revenue, which provides the biggest share of the budget for North Dakota government.

Last month, Sharp ordered a fresh revenue forecast to address revenue shortfalls in the current two-year budget cycle that began July 1.

The Legislature’s Advisory Council on Revenue Forecasting is meeting Friday to discuss the new forecast and updated projections for the price of North Dakota oil.