The Next Frontier for NAST

Dear Colleagues,

In public finance, leaders often face the daunting challenge of trimming budgets while improving outputs. It can feel like an impossible task, especially during economic uncertainty. Yet, the story of North Dakota offers a powerful lesson: with the right mindset and innovative approaches, we can learn to do more with less—and even thrive.

For decades, North Dakota seemed trapped in a cycle of scarcity. From 1930 to 2010, it was the only state to lose population—a sobering reality for those of us who call the prairie home. Communities shrank, opportunities dwindled, and the horizon often symbolized a fading future. Yet since 2010, North Dakota has experienced a remarkable turnaround, transitioning from stagnation to rapid growth.

This transformation wasn’t about discovering more resources but reimagining how to use them. Through innovation and emerging technologies, North Dakota's GDP has grown by 56%, and per capita GDP by 37%. Advanced technologies in energy extraction and renewable energy unlocked untapped potential, while precision farming and digital tools revolutionized agriculture. These innovations didn’t just preserve livelihoods—they created new ones. Once facing an aging and diminishing population, the state now boasts record-high numbers and one of the youngest median ages in the nation.

State and financial leaders face similar challenges: tight budgets and growing demands. North Dakota’s story illustrates that shifting from a scarcity mindset to an abundance mentality can uncover solutions. Instead of asking what we lack, we must focus on better utilizing what we have.

This shift starts with embracing new technologies. Digital tools, data analytics, and process automation help stretch every dollar and deliver more value to our communities. But innovation alone isn’t enough. We must foster collaboration, empower creativity, and seek opportunities where others see obstacles.

Organizations like NAST play a critical role in this effort. By sharing expertise, solving common challenges together, and leveraging knowledge across state lines, we can make strides we might never achieve alone.

As NAST President for 2025, I’m excited by the opportunities ahead. By adopting an abundance mindset and embracing technology, we can prepare our organizations for future success—and lead with resilience and vision.

Sincerely,

Hon. Thomas Beadle
North Dakota State Treasurer
NAST President