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SD Ends Budget Year With $47.8 Million Surplus

July 16, 2012, 8:54 AM

SD Ends Budget Year With $47.8 Million Surplus
PIERRE, SD -

South Dakota state government ended the last budget year with a $47.8 million surplus thanks to higher-than-expected tax collections and lower-than-projected spending by state agencies.

Gov. Dennis Daugaard says revenue for the year that ended June 30 was $24 million higher than the South Dakota Legislature had projected, and state agencies spent $13.8 million less than they were authorized to spend. In addition, the Legislature intentionally left $10 million unspent to replenish reserve funds that were used to deal with flooding and the mountain pine beetle infestation in the Black Hills.

Daugaard says that means revenue for the year exceeded spending by $47.8 million. He says that unspent money will be placed into the state's budget reserve fund as required by law.

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