July 29, 2016-Funding Update
While the price of oil has shown improvements in recent weeks, a shortfall of revenue from the gross production tax collections that flow into the oil and gas impact grant fund continues to exist. Grantees will be notified of any change in status should that take place.
The July 2016 preliminary revenue forecast projects the grant fund to receive $73.4 Million for the Biennium, this is up from the January 2016 forecast of $28.6 Million for the Biennium.
July 2016 indicates $30.7 Million has been deposited into the fund. $42 Million in grants were awarded to date along with House Bill 1176 has a direct distribution of $6 Million to distribute in January of 2017. At the current time the fund is short of current and future obligations of approximately $18 Million.
Suspension on grants will only be lifted when the grant fund has received adequate funds to support all of these committments.
Thank you for your understanding as we work together through these challenges!
