Gov. Dalrymple Raiding State’s Surplus Fund of $500 Million

North Dakota Gov. Dalrymple has ordered deep cuts to state government and a massive raid on state savings to make up for a more than $1 billion budget shortfall.

The state is coming up short thanks to lower crude prices and a drop in oil drilling.

To balance the current two-year budget, Dalrymple ordered agencies to cut their budgets by 4 percent.

The governor also will take nearly $500 million from the state’s Budget Stabilization Fund.

That rainy day fund will now have a balance of about $75 million.