Title: Understanding the North Dakota Ordinance Adopting the Budget: Types and Detailed Description Introduction: The North Dakota Ordinance Adopting the Budget sets out the guidelines and regulations governing the state's budgetary process. This comprehensive legal document ensures transparent fiscal management and effective allocation of resources throughout North Dakota. In this article, we will delve into the details of this ordinance, highlighting its key components and possible variations that exist. Keyword: North Dakota Ordinance Adopting the Budget 1. General Overview: The North Dakota Ordinance Adopting the Budget is a legislative framework that outlines the procedures and guidelines for preparing, reviewing, amending, and approving the state's budgetary allocations. It acts as a crucial tool for maintaining financial stability and accountability. Possible variation: General North Dakota Ordinance Adopting the Budget 2. Annual Budget Adoption Process: The ordinance defines a structured process to develop the annual budget. It specifies the timeline, provides guidelines for revenue estimation, expenditure prioritization, and allows feedback from relevant stakeholders. The process emphasizes transparency, enabling public participation for better accountability. Possible variation: North Dakota Ordinance Adopting the Annual Budget 3. Budgetary Revisions and Amendments: This component of the ordinance outlines the procedure for making changes to the approved budget throughout the fiscal year. It defines the circumstances that necessitate adjustments, ensures proper scrutiny through public hearings, and identifies the responsible authority for approving these revisions. Possible variation: North Dakota Ordinance Adopting Budget Revisions 4. Fund Allocation Guidelines: The ordinance establishes clear guidelines for distributing funds across different programs, departments, and agencies, ensuring equitable resource allocation. It sets forth the criteria and priorities used to weigh funding requests, allowing for a well-informed decision-making process. Possible variation: North Dakota Ordinance Adopting Fund Allocation Guidelines 5. Reporting and Audit Requirements: To ensure transparency and accountability, the ordinance stipulates reporting and audit obligations for all entities involved in budget execution. It requires regular financial reports and periodic audits to assess the proper utilization of allocated funds and compliance with financial regulations. Possible variation: North Dakota Ordinance Adopting Reporting and Audit Requirements 6. Multi-Year Budget Planning: This aspect of the ordinance focuses on long-term financial planning. It encourages strategic thinking by incorporating multi-year budget projections, allowing North Dakota to make informed decisions about capital investments, debt management, and future financial goals. Possible variation: North Dakota Ordinance Adopting Multi-Year Budget Planning Conclusion: The North Dakota Ordinance Adopting the Budget serves as a vital tool for maintaining transparent and accountable fiscal management. Its various components, including the annual budget adoption process, budget revisions, fund allocation guidelines, reporting requirements, and long-term planning, work together to provide a robust framework for financial stability and growth in the state of North Dakota. Disclaimer: While this article provides a general overview, it is essential to refer to the specific North Dakota Ordinance Adopting the Budget text and consult with legal professionals for precise information.
North Dakota Ordinance Adopting the Budget
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North Dakota's current budget North Dakota enacted its FY 2022-2023 biennial budget in May 2021. The enacted budget included $16.9 billion in total spending and $5 billion in general funds over the two years of the budget.
Home rule counties have the same powers as general law counties as well as additional freedoms for establishing financial authority (including countywide sales tax) and the structure of county government, including elected and appointed officers, so long as nothing is inconsistent with state law.
As previously reported (see EY Tax Alert 2023-0849), on April 27, 2023, North Dakota Governor Doug Burgum signed into law H.B. 1158, which retroactive to January 1, 2023, lowers the state's personal income tax rates by collapsing the tax brackets from five to three with tax rates of 0%, 1.95% and 2.5%.
In the fiscal year of 2019, the state of North Dakota had state debt totaling 3.04 billion U.S. dollars. However, the local government debt was slightly higher at 5.38 billion U.S. dollars.
North Dakota's proposed total budget increase is 8.9% compared with the original 2021-23 total budget of $16.9 billion, or a 3.4% increase compared with the total budget of $17.8 billion after including appropriations from the November 2021 special session.
The recommended budget calls for $7.24 billion in total spending, a 25.4 percent increase from fiscal 2023's budgeted amount. General fund spending is recommended at $2.19 billion, a 10.5 percent increase from the budgeted amount for fiscal 2023.
The two-year budget for fiscal 2024-2025 calls for $19.6 billion in total spending over the course of the biennium (a 15.8 percent increase over the fiscal 2022-2023 biennium) and $6.1 billion in general fund spending (a 22.1 percent increase over the fiscal 2022-2023 biennium).