PIERRE, S.D. (AP) – Gov. Kristi Noem says South Dakota has a $19.4 million budget surplus in fiscal year 2019.
Noem says the state brought in less revenue than it was expecting this year, but it spent a lot less than planned. The surplus was transferred to the budget reserve fund, which now has a balance of $145 million. The general reserve replacement fund has a balance of $44 million for a total reserve of $189 million.
The governor says the state spent $23 million less than it budgeted for the 2019 fiscal year, which ended on June 30.
The Legislature’s Joint Appropriations Committee will meet July 22 to discuss the 2019 revenue and expenditures, as well as hear an update on 2020 fiscal year revenue projections.