Monday, December 7, 2015

With state hit hard by low oil prices, North Dakota universities brace for budget cuts - Rob Port, Watchdog.org

Falling oil prices have hit North Dakota’s state budgets so hard that the North Dakota University System’s chancellor sent an email warning presidents of the state’s 11 public universities that budget cuts could be forthcoming. “Through October 31, 2015, the State’s general fund tax revenue collections are $112 million less than forecasted,” Chancellor Mark Hagerott wrote in the Nov. 20 email. “OMB notified our office this week that they are planning on updating the revenue forecast. If the updated forecast indicates that the State will not have adequate revenues to cover its obligations, the first step to balance the books will be an across‐the‐board reduction in all state agency appropriations. http://watchdog.org/249275/state-hit-hard-low-oil-prices-north-dakota-universities-brace-budget-cuts/

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