VALLEY CITY, N.D. (NewsDakota.com) – The Legislative Fund Earnings Committee will meet for the second time in Watford City, on the 19th and 20th of February. The meeting is scheduled for the Roughrider Center in that community.

The intent of the committee is to hear testimony from residents across the state on how and where the legislature should invest the earnings of the Legacy Fund. At an earlier meeting in Fargo last Fall, a significant number of citizens provided recommendations to the committee. Those recommendations included a wide range of investments including, infrastructure, education, tourism, economic development, school lunches, research, property tax relief,and several others. The committee is expected to present their report on recommendations to the legislature when the legislature meets in January of 2021.

The Legacy Fund was established by a vote of the people in 2010. Pursuant to the measure, 30% of oil and gas gross production and oil extraction taxes are to be deposited in the Legacy Fund. The measure restricted the expenditure of the principal and earnings until after June 30, 2017. Any expenditure of the principal requires a two thirds vote of both the Senate and the House of Representatives. The expenditure may not exceed 15% of the principal balance of the fund during the biennium. The State Investment Board is responsible for investing the principal of the Legacy Fund.

A total of $455.26 million of earnings from the fund were transferred to the general fund at the end of the 2017-2019 biennium. It is expected that the fund will have a balance of approximately $7.15 billion at the end of the 2020-2021 biennium. The legislative can transfer other funds to the principal of the Legacy Fund should they choose to do so.
It will be interesting to see what suggestions come forth at the Watford City meeting. This is a great opportunity for the citizens of the state of North Dakota to be heard. Needless to say, North Dakota is fortunate to have this asset in place.

The meeting on the 19th begins at 6:30 a.m. and goes until 8:00 a.m. The meeting on the 20th begins at 8:00 a.m. and concludes at 11:30 a.m.

By District 24 State Senator Larry Robinson.