South Dakota reserves jump 42% thanks to COVID-19 relief funds

Local News

VERMILLION, S.D. – A new report finds that South Dakota’s reserves increased 42% in one year thanks to an influx of federal COVID-19 relief dollars.

Reports say the state’s 2021 comprehensive financial report shows the state took in $62 million more than expected in revenue and spent $29.2 million less than budgeted.

Total reserves grew from $215.9 million in 2020 to $307.1 million last year. Revenue increased from $4.5 billion to $6.1 billion.

The report says the biggest factor was $1.2 billion in pandemic-related grants the state received from the federal government. A growing economy and the construction industry also contributed to the increased revenue. 

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