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Lawmakers question pace of hiring at North Dakota investment office tasked with Legacy Fund mandates

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Lawmakers question pace of hiring at North Dakota investment office tasked with Legacy Fund mandates


State lawmakers are questioning why an company key to implementing new in-state funding mandates of North Dakota’s oil tax financial savings solely not too long ago posted for brand new jobs the Legislature accepted greater than six months in the past.

The Legislature final fall accepted six new full-time workers positions and $1.7 million in salaries for the Retirement and Funding Workplace. The workplace’s director requested the positions as a way to meet the calls for of the brand new Legacy Fund mandates.

Members of the Legislature’s interim Legacy Fund Earnings Committee late final month requested workplace leaders why 4 of the roles accepted in November have been posted in June.



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Murtha

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Mike McCleary



Workplace Govt Director Jan Murtha attributed the method’s tempo to the hiring of recent Chief Funding Officer Scott Anderson in January and getting his enter, adopted by “many, many conversations” with the state authorities’s human assets company to acquire pay grade exceptions for the brand new positions within the state’s classification system.

Murtha instructed the Tribune she hopes to have the positions crammed by the top of the summer season. 

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Individuals are additionally studying…

Anderson instructed the Legacy Fund’s advisory board on Thursday that “We’ve a minimum of 50 certified resumes we’re proper now.”

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The remaining two of the six new positions embody an accounting supervisor already employed and a packages outreach coordinator place not but posted, Murtha stated.

The $8.1 billion, voter-approved Legacy Fund has generated greater than $540 million of earnings during the last 12 months.

Staffing proposal

Anderson is crafting a proposal for the 2023 Legislature that goals to deliver extra of the workplace’s belongings administration in-house, improve staffing and save a minimum of $45 million a 12 months.

“The inner workers is a a lot decrease value to what it prices us to handle the funds with exterior managers,” he stated.

The workplace oversees $20 billion of belongings, which has grown from $4 billion in 2010.

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Scott Anderson

Anderson



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All of the belongings are overseen by exterior managers to the workplace. The workplace selects, allocates capital to and screens the managers, in response to Anderson.

Murtha stated any proposal subsequent 12 months can be to fund one 12 months’s value of salaries for brand new positions within the subsequent two-year funds cycle “as a result of realistically that is after we suppose we’re going to have the ability to onboard somebody, is at that 12 months mark.”

The total imaginative and prescient may take six years to implement, she stated.

Progress Fund

A year-old in-state investing program of the Legacy Fund not too long ago made one other funding. 

North Dakota Progress Fund Common Associate 50 South on Wednesday introduced the funding in gener8tor, a enterprise capital agency that may launch “a flagship equity-based startup accelerator program in Fargo, in addition to two non-equity-based (free) gBETA pre-accelerator packages in each Grand Forks and Fargo,” to run yearly for the following 5 years. 

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Gener8tor additionally will make “choose direct investments” in different North Dakota-based companies. 

50 South didn’t disclose the person funding quantity, citing confidential info. 

North Dakota Legacy Fund in-state investing program tops $22M

The Progress Fund is allowed as much as $250 million from the Legacy Fund however has $100 million for its preliminary five-year funding interval. 

A spokesman stated the group has dedicated a complete of $62.5 million from the Progress Fund.

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“Via our capital we’ll make investments each in corporations straight in addition to in funds that may in flip put money into North Dakota corporations,” 50 South Managing Director Trey Hart instructed the advisory board Thursday.

Different investments embody St. Louis-based enterprise capital agency Lewis & Clark AgriFood, Dallas-based non-public fairness agency LongWater Alternatives and South Dakota-based enterprise capital firm Homegrown Capital, all of which have investments or workplaces in North Dakota. 

These Progress Fund investments totaled $22.5 million as of February, in response to 50 South. 

Attain Jack Dura at 701-250-8225 or jack.dura@bismarcktribune.com.

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North Dakota

North Dakota Horse Park gets finances on track as 2025 season takes shape

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North Dakota Horse Park gets finances on track as 2025 season takes shape


FARGO — Slowly, the North Dakota Horse Park in Fargo is growing its live horse racing meet and for the first time in nearly a decade, the organization that runs the track is not scrambling to make the tax payment that once loomed over it.

The Fargo track is operated by Horse Race North Dakota, a nonprofit organization that contributed when the track was built in 2003.

At a meeting of Horse Race North Dakota on Friday, Dec. 20. Cindy Slaughter, accountant and co-owner of TaxLady, which contracts with Horse Race North Dakota, said the track’s overall income is up about $93,000 from this time last year.

A fourth weekend of racing cost the track about $148,000 this year. However, that cost can be offset in the future by factors such as attendance and the amount bet on the races.

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“There’s a couple of things we could do differently this year to reduce that amount,” North Dakota Horse Park General Manager Hugh Alan Drexler said.

Horses race out of the starting gates in the 5th race of the day during opening day at the North Dakota Horse Park on Saturday, July 13, 2024.

Alyssa Goelzer/The Forum

While Drexler and HRND will look to decrease costs, they will not try to do that at the expense of the horsemen, as they hope to keep purses for each race flat or increase them in 2025.

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“I don’t want to cut the purses at all, that would be the last thing we would cut,” HRND President Jay Aslop said.

“That is what our goal is, to promote racing and to increase race dates,” Drexler said. “The day the finances don’t look the same, that is when we need to make a change.”

Live racing receives additional funds from the North Dakota Racing Commission. The commission will meet in February to determine the amount of funds that will be granted to the Fargo track as well as Chippewa Downs, the second horse racing track in North Dakota near Belcourt.

Overcoming financial struggles

Heavy special assessments loomed over the North Dakota Horse Park for several years after it opened.

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In 2003, the city of Fargo spent $1.5 million to extend sewer, water and other infrastructure to the track. The city planned to recoup the costs with special assessments, a kind of property tax assessed to benefiting properties, but the city agreed to suspend the assessments for five years in hopes that the race track would stimulate the development of commercial and residential properties. This would spread the assessments over more property owners and create a smaller bill for the track, which in 2015 was about $1.9 million.

The track is now in repayment of its taxes, making annual payments to the city of Fargo, and accountants are confident a fourth weekend of racing in 2025 will not adversely affect the track.

“I don’t have any concerns about running a fourth weekend this year,” Slaughter said.

Horse racing will be held at the Fargo track in 2025 over four weekends, likely July 12 through Aug. 3, track officials said.

“(It will be) some combination of either Friday, Saturday or Saturday, Sunday depending on what other events are going on in the area,” said Drexler.

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In 2024, attendance at the Fargo track was up overall with about 8,358 in attendance over the eight race days, up from about 8,127, in 2023.

The Fargo track held horse races on Saturday and Sunday afternoons for four consecutive weekends, starting Saturday, July 13. The weekend of July 27-28, races were held in the evening so as to not compete with the Fargo AirSho. The horse park competed for attendance each weekend as the Fargo Street Fair, Red River Valley Fair and the Renaissance Fair overlapped the schedule. The horse park’s closing weekend coincided with WeFest.

The track hosted only three weekends of racing in 2022 and 2023, as it was constricted to operating expenses and the amount of money granted for a live season by the North Dakota Racing Commission. The Fargo track hosted a four-week meet in 2021 but held only two weekends in 2020.





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Sports Spotlight: Ben DeForest

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Sports Spotlight: Ben DeForest


BISMARCK, N.D. (KFYR) – Bismarck High Wrestlers win a lot of titles.

“We’re striving for a state championship, that’s where the bar is set,” said Bismarck High Wrestling head coach Mark Lardy.

Three of said titles belong to the top-ranked 133-pound wrestler in North Dakota, Ben DeForest.

Now, Ben’s going for number four.

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“It would mean everything to me,” said Ben DeForest. “There have been some great wrestlers from BHS that have been four-timers it would just mean a lot for me to add my name to that list.”

”He led a lot by example in the past,” said Lardy. “Now he leads not only by example but his voice in the room is heard.“

Even when his BHS days are over, Ben has another chapter to write in his story: He’s committed to Wrestle at UMary.

“We pride ourselves on trying to keep and retain as many local North Dakota kids here at U-Mary and we’re just very thankful that Ben chose to come here and wrestle for us as well,” said U-Mary Wrestling head coach Adam Aho.

The state champ has a bigger goal in mind.

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“His goal is way beyond what our room is going to give him. This is just a stepping stone,” said Lardy.

Ben wants a national championship.

“We need every guy to have that type of mentality,” said Aho. “Without it, we will never be relevant on the national scene.”

”Once you get your hand raised you realize, all those morning practices you didn’t want to go to and all those lifts that you were like, uh I don’t know, it’s worth it. It’s worth it,” said DeForest.

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My Heartfelt Christmas Wish To You North Dakota

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My Heartfelt Christmas Wish To You North Dakota


My Heartfelt Christmas Wish To You North Dakota.

Not a “catchy-clicky” title and I doubt many of my listeners or readers will probably even read this article.

However, I wanted to share something with you that is on my heart. This is so not me, as I’m more the guy who writes about “North Dakota’s 10 most quirky this and that”.

It’s not that I’m not a sensitive guy, because when I was growing up, I was probably too sensitive. I would avoid sad movies, songs, or anything that would spark too much of an emotion.

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Yes, you could say my heart has become a bit jaded and cold over the years. It’s not something I’m proud of but more of a defense mechanism.

2024 has probably been one of the most challenging years for my family.

From losing loved ones to family issues to health issues to very challenging financial times, it’s been one of those years where you just can’t catch a break. I’m sure many of you can relate.

As we were attending a Christmas Eve candlelight service last night a young child caught my eye.

She was a cute little toddler who was starting to act up. Something I remember oh so well at church with my little now 20-year-old son.

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As her father took her outside the sanctuary to attend to her, I couldn’t help but notice this child’s extremely unfair situation. She had a disability at a year or so old, that none of us could ever imagine. It broke my heart.

This poor child and her family no doubt have a long road ahead of them. As we lit our candles later in the service, I caught the wonder in her eyes, and it couldn’t help but melt my cold heart at the time.

She was perfect and I found myself saying a prayer for this little blonde girl with curly locks and her family.

Her situation also reminded me that I should be thankful for what I have and not what I don’t this Christmas. This is my Christmas wish for you North Dakota, that you will realize the same thing.

Be thankful for who you have around the tree today, not what’s under it.

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Merry Christmas to all my listeners and readers. I hope at least a few of you get to read this and it will touch you the same way this little girl touched me on Christmas Eve.

LOOK: Popular Dinners Americans Don’t Make as Often Anymore

From classic casseroles to heaping helpings of beige-on-beige, these beloved American dinner dishes have fallen out of the mealtime rotation.

Gallery Credit: Stephen Lenz

The 11 Best Gooey Caramel Rolls You Will Find In North Dakota

 

 

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