Outgoing Gov. George Sinner last week unveiled a $1.2 billion general funds budget for the fiscal 1993-95 biennium that includes the issuance of revenue bonds for university projects.
Meanwhile, Gov. Ed Schaefer, who took office Dec. 15, is formulating his own budget for the fiscal year beginning July 1, 1993, and will present any amendments to Sinner's budget next year. Schaefer, a Republican, was elected in November after Sinner, a Democrat, opted not run to for reelection.
Sinner said in a press release that his budget is fair. "It is committed to halting the rise of property taxes and keeping North Dakota's tax structure one of the most balanced in the United States," he said.
Sinner's budget provides for the issuance of $11.4 million of lease revenue bonds for state university improvements, including the construction of a mathematics and science center at Bismarck State College.
Sinner also called on legislators to approve a three-cent gas tax and a 2.5% tax on higher personal incomes in the state. For example, individuals assessed more than $14,000 a year in federal taxes would be subject to the tax increase.
In addition, Sinner has proposed a hospital provider tax that would generate $42 million during the biennium. Those funds would be used to capture federal Medicaid matching funds.
The state legislature, which convenes Jan. 5, 1993, must approve the budget by the end of April.
