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DTSTART:20160211T193000Z
DTEND:20160211T203000Z
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SUMMARY:Government Affairs Committee Meeting
DESCRIPTION:State of the State Budget:\n\n\n\nA slowdown in our energy and agriculture sectors is leading to declining tax collections.  This means the Governor will likely have to order budget allotments   that will be at least 2.5% for general fund agencies.  This is a necessary step that must happen before the Governor can use the budget stabilization fund to cover remaining short falls.\n\n\n\nThe Legislature's record high $14.4 billion budget for the two years that began July 1 was built last year on economic assumptions that have proven far too rosy.\n\nOffice of Management and Budget Director Pam Sharp last month ordered a new revenue forecast. The advisory council\, a 17-member group made up of lawmakers\, state officials and business leaders\, set new oil price and production assumptions that will be used to craft the new forecast being done by the economic consultancy Moody's Analytics.\n\n\n\nThe new forecast that's expected to be unveiled Feb. 1 will show state revenues falling more than $400 million short of initial projections and enough to trigger budget cuts of 2.5 percent for most state agencies\, Sharp said. The state's Budget Stabilization Fund\, which currently holds about $572 million\, can be tapped by the governor when tax collections fall short of expectations\, though only after agencies endure across-the-board cuts of up to 2.5 percent.\n\nPam Sharp will join us to review the new forecast and offer any insights she might have for the time ahead.  This will be a very informative meeting that will begin to shape what our priorities will be next session. You will not want to miss it!\n\n\n\nAgenda:\n\n1:30 p.m.   Introductions\n\n\n	Bernie Dardis\, Policy Vice Chair\, GNDC\n\n1:35 p.m.   State of the State Budget \n\n\n	Pam Sharp\, OMB\n\n2:10 p.m.   Open Discussion   Your chance to ask your questions about specific topics \n\n\n	Bernie Dardis\, Policy Vice Chair\, GNDC\n\n2:30 p.m.   Adjourn\n\n\n\nNext meeting  - March 10\, 2016 @ 1:30pm
X-ALT-DESC;FMTTYPE=text/html:<br />\n<strong><u>State of the State Budget:</u></strong><br />\n<br />\nA slowdown in our energy and agriculture sectors is leading to declining tax collections.&nbsp\; This means the Governor will likely have to order budget allotments &ndash\; that will be at least 2.5% for general fund agencies.&nbsp\; This is a necessary step that must happen before the Governor can use the budget stabilization fund to cover remaining short falls.<br />\n<br />\nThe Legislature&rsquo\;s record high $14.4 billion budget for the two years that began July 1 was built last year on economic assumptions that have proven far too rosy.<br />\nOffice of Management and Budget Director Pam Sharp last month ordered a new revenue forecast. The advisory council\, a 17-member group made up of lawmakers\, state officials and business leaders\, set new oil price and production assumptions that will be used to craft the new forecast being done by the economic consultancy Moody&rsquo\;s Analytics.<br />\n<br />\nThe new forecast that&rsquo\;s expected to be unveiled Feb. 1 will show state revenues falling more than $400 million short of initial projections and enough to trigger budget cuts of 2.5 percent for most state agencies\, Sharp said. The state&rsquo\;s Budget Stabilization Fund\, which currently holds about $572 million\, can be tapped by the governor when tax collections fall short of expectations\, though only after agencies endure across-the-board cuts of up to 2.5 percent.<br />\nPam Sharp will join us to review the new forecast and offer any insights she might have for the time ahead.&nbsp\; This will be a very informative meeting that will begin to shape what our priorities will be next session. You will not want to miss it!<br />\n<br />\n<strong>Agenda:</strong><br />\n<strong>1:30 p.m. &ndash\; Introductions</strong>\n\n<ul>\n	<li style="margin-bottom:0in\;margin-bottom:.0001pt\;">Bernie Dardis\, Policy Vice Chair\, GNDC</li>\n</ul>\n<strong>1:35 p.m. &ndash\; State of the State Budget </strong>\n\n<ul>\n	<li style="margin-bottom:0in\;margin-bottom:.0001pt\;">Pam Sharp\, OMB</li>\n</ul>\n<strong>2:10 p.m. &ndash\; Open Discussion &ndash\; Your chance to ask your questions about specific topics </strong>\n\n<ul>\n	<li style="margin-bottom:0in\;margin-bottom:.0001pt\;">Bernie Dardis\, Policy Vice Chair\, GNDC</li>\n</ul>\n<strong>2:30 p.m. &ndash\; Adjourn</strong><br />\n<br />\n<span style="font-size:12px\;"><span style="font-family:arial\;"><strong>Next meeting &nbsp\;- March 10\, 2016 @ 1:</strong><strong>30pm</strong></span></span>
LOCATION:GNDC Office 2000 Schafer Rd Bismarck\, ND 58502 -or- Go To Meeting: https://global.gotomeeting.com/join/963263925 888.640.7162 or 626.521.0016 Access Code: 963.263.925
UID:e.2286.36
SEQUENCE:3
DTSTAMP:20260408T074820Z
URL:http://business.ndchamber.com/events/details/government-affairs-committee-meeting-02-11-2016-36
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