North Dakota oil tax trust fund nears $1 billionBISMARCK, N.D. (AP) — North Dakota's oil tax fund is nearing $1 billion in assets.
BISMARCK, N.D. (AP) — North Dakota's oil tax fund is nearing $1 billion in assets.
The Legacy Fund gets 30 percent of the state's oil tax collections. None of the money can be spent until 2017, and even then it takes a two-thirds vote of the Legislature to dip into it.
March deposits were about $87 million. That brings the fund's total to $927 million.
Oil revenue began gushing into the fund only since September 2011. Analysts initially estimated it would have a $618 million balance when the state's current two-year budget period ends on June 30.
Revenue from the fund has been invested mostly in short-term, low-risk U.S bonds. The Legacy Fund's seven-member advisory board is recommending that half of the fund's assets be shifted to the stock market and other investments.