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May 21, 2014

SCHMIDT: Legacy Fund deposits exceed $2 billion

Bismarck, ND, May 21, 2014 – Bismarck, N.D. – Deposits into North Dakota’s Legacy Fund will exceed $2 billion when State Treasurer Kelly Schmidt makes this month’s transfer of $81.7 million into the fund.

“At this pace, the Legacy Fund is on schedule to receive $3 billion dollars by the end of the 2013-15 biennium,” says Schmidt.

The Legacy Fund was created in 2010 by a vote of the people, and received its first deposit of $34.3 million in September 2011. The Fund is invested by the State Investment Board in a broad range of assets, including stocks, bonds, real estate and infrastructure.

Monthly deposits have averaged $61 million, and have ranged from $32 million to $93 million, says Schmidt. The Legacy Fund reached $1 billion in April 2013.

Under Article 10, Section 26 of the North Dakota Constitution, 30 percent of all revenue derived from North Dakota’s oil and gas extraction and gross production taxes are deposited into the Legacy Fund.

Schmidt says neither the principal nor the income of the Legacy Fund may be spent prior to July 1, 2017. “Income earned after this date will be transferred to the state General Fund at the end of each two-year budget cycle. To spend any principal of the fund will require a two-thirds majority vote of both the House and Senate.”

The mission of the Office of the State Treasurer is to fulfill its constitutional and statutory responsibilities, to assure sound financial oversight and transparency to all public funds, and to promote prudent practices in government. Learn more at www.nd.gov/ndtreas.

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