Governor Dennis Daugaard says South Dakota has ended the 2018 budget year with a surplus from lower-than-expected state spending and tax collections that topped officials’ projections.
The governor says the state finished the budget year with $16.9 million more than anticipated, marking South Dakota’s seventh straight year of surplus.
The 2018 fiscal year ended June 30.
The governor’s office says the state collected $6.2 million more than expected and spent $10.7 million less than budgeted.
The $16.9 million surplus went to budget reserves, which now total $176.4 million.
Daugaard says finishing the year with a surplus puts South Dakota’s budget in a positive position as the state starts the 2019 budget year.
Ongoing general fund receipts totaled roughly $1.59 billion.
South Dakota’s biggest revenue source is sales tax.
