ND Lawmaker Questions Future of Development Fund Amid Audit Findings

Lawmakers on the Audit and Fiscal Review Committee reviewed the North Dakota Development Fund, which was established in 1991 to provide capital for high-risk state projects. An audit of the fund revealed issues concerning documentation related to investments, performance, and conflicts of interest. David Hogue, who monitored the committee meetings, stated he questions whether the fund should continue in its current form. He noted the Legislature is prepared to review the program if necessary changes are made.

The discussion centers on the viability of the fund, which is tasked with pursuing risky gap financing for the state. Hogue also addressed Measure 1, a proposed constitutional measure that would require future amendments to pass with at least 60% of the vote.