July 19, 2011
State Treasurer Kelly Schmidt distributes additional $2 million to Dickinson, Minot
Bismarck, ND-July 19, 2011: State Treasurer Kelly Schmidt announced today that Minot and Dickinson will each receive an additional million dollars in oil and gas tax distributions over the next three months.
The additional funds are the result of each city reaching higher levels of oil industry related employment. Dickinson was previously eligible for $500,000 a year, but current levels qualify them for $1,000,000 per year. Minot has qualified for the first time and will receive $500,000 per fiscal year.
Because of the timing of each cityís qualification, both cities will receive $500,000 in July to bring them to the appropriate levels for the fiscal year. With the beginning of the new fiscal yearís distributions in September 2011, Dickinson will receive the full $1,000,000 and Minot will receive $500,000.
The State Treasurer and her staff serve the people of North Dakota by providing sound leadership and prudent investment practices of state dollars. The Treasurerís office also works in cooperation with the Bank of North Dakota. The Mission of the Office of the State Treasurer is to fulfill its constitutional and statutory responsibilities in order to assure sound financial oversight and absolute safety of all public funds collected, managed, and disbursed.