PIERRE, S.D. (KELO) — The 2020 budget year ended on June 30 and Gov. Kristi Noem announced it ended with a $19.1 million surplus.
Noem’s announcement said total revenue finished $7.9 million lower than estimates, but the general fund budget ended with $27.2 million in lower expenditures. A total of $74.8 million of Coronavirus Relief Funds was spent in the 2020 fiscal year.
Of the $27.2 million of 2020 general fund reversions, $23.9 million came from executive branch agencies, $1.8 million came from the Board of Regents, $900,000 came from the Unified Judicial System and $600,000 came from the Legislature and constitutional offices.
Sales and use tax, which is the state’s largest revenue source, finished $11.8 million below estimates but grew 4.6 percent over the previous fiscal year.
The $19.1 million surplus will go to the Budget Reserve Fund as required by law. South Dakota’s state Budget Reserve Fund has a balance of $149.4 million.
In May, South Dakota government economist Mark Quasney told KELOLAND News the state was “actively monitoring revenues” and determining whether the state’s General Revenue Replacement Fund or the Budget Reserve Fund would be needed to balance the budget.