SOUTH DAKOTA CLOSED THE 2023 BUDGET YEAR THAT ENDED JUNE 30TH WITH A SURPLUS OF $96.8 MILLION DOLLARS.
GOVERNOR KRISTI NOEM SAYS SOUTH DAKOTA’S ECONOMY IS CONTINUING TO THRIVE BECAUSE THEY KEEP STATE GOVERNMENT SMALL, TAXES ARE LOW, AND THE STATE SPENDS WITHIN ITS MEANS.
NOEM SAYS FAMILIES ACROSS THE STATE WILL BE ABLE TO KEEP MORE OF THEIR MONEY IN THEIR POCKETS, AND THE STATE WILL BE ABLE TO AVOID UNNECESSARY DEBT BY USING THIS SURPLUS FOR FUTURE PRISON CONSTRUCTION COSTS.
STATE GOVERNMENT SPENT $79.7 MILLION LESS THAN APPROPRIATED IN FISCAL YEAR 2023.
TOTAL REVENUE FINISHED ABOVE THE LEGISLATIVE ADOPTED FORECAST BY $17.1 MILLION. SALES AND USE TAX, WHICH IS THE STATE’S LARGEST REVENUE SOURCE, FINISHED A HALF PERCENT BELOW ESTIMATES, DOWN $6.9 MILLION.
BY LAW, THE FISCAL YEAR 2023 SURPLUS WAS TRANSFERRED TO THE STATE’S BUDGET RESERVES, WHIH NOW TOTAL $335.7 MILLION OR 14.7% OF THE FISCAL YEAR 2024 GENERAL FUND BUDGET.
