SIOUX FALLS, S.D. (KELO) — The on-going revenues for fiscal year 2024 will be 3.8% higher than the revised revenue for FY23, according to the revenues adopted by the Legislature’s Joint Committee on Appropriations (JCA) on Wednesday, Feb. 15.
The committee adopted the recommendations from the joint subcommittee. Representatives from the state’s Bureau of Finance Management and Legislative Research Council presented revenue forecasts at the Feb. 14 JCA meeting. The subcommittee met later that day.
“In the end I think we came away with a good number that’s sustainable,” JCA and subcommittee member Republican Sen. Bryan Breitling said.
The revenues are targets and will be used by the Legislature to help determine funding for programs and bills.
The JCA set on-going revenue at $2,388,765,706 for FY24 which is a 3.8% increase over the revised on-going revenues for FY23.
“That is right in there for average growth over the last 20 years,” JCA and subcommittee member Republican Rep. Chris Karr said of the 3.8% increase.
The revised on-going revenues for FY23 were set at $2,301,128,999 and $2,425,664,006 for on-going and one-time receipts.
Karr said the subcommittee-recommended revenues are conservative. “It’s good for us to be conservative to make sure we adequately meet the needs of our state,” he said.