Despite higher spending, North Dakota budget keeps reserve

BISMARCK, N.D. (AP) — North Dakota Gov. Jack Dalrymple's proposed budget raises state general fund spending by almost 18 percent over two years. But it also keeps billions of dollars in reserve.

A state rainy day fund is projected to grow to $455 million by June 2015. A school aid fund that now has $235 million is expected to grow to $606 million in two years.

A "strategic investments" fund has about $700 million, and it's expected to grow to $1.3 billion in two years.

Then there's the Legacy Fund, which North Dakota voters approved two years ago. It has been getting a set percentage of North Dakota's oil taxes.

The Legacy Fund is expected to grow to $1.3 billion by June, and have almost $3 billion by the summer of 2015.

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