STATE AUDITOR JOSH GALLION EXPOSES TROUBLING NUMBERS IN DEVELOPMENT FUND

On this episode of Open Range, host Gary Emineth welcomes North Dakota State Auditor Josh Gallion to talk about his background, his role, and some troubling financial truths uncovered by his office. Gallion shares his story of service in the U.S. Air Force, including time stationed at the Minot Air Force Base, and how that experience shaped his commitment to duty and accountability. As State Auditor, Gallion is responsible for keeping the government honest by ensuring tax dollars are spent responsibly. His office handles only 15% of local government audits, yet he stresses the growing need for transparency to protect North Dakota taxpayers.
One major concern Gallion raises is the financial state of the North Dakota Development Fund. Of the $7.4 million in equity investments, $7.1 million is considered impaired—meaning 95% are essentially worthless. On top of that, the state has already written off $7 million in loans and investments since the fund began. The fund currently holds $30 million in loans, with $14.5 million of that also flagged as impaired—nearly 50%. Gallion explains what these numbers mean and why they matter to everyday citizens.
He also highlights four to five recent bills from this legislative session that directly impacted his budget. As a result, his overall funding has been reduced from the last biennium.