South Dakota has closed the 2023 budget year with a surplus of $96.8 million.
State government spent $79.7 million less than appropriated in fiscal year 2023, with the total revenue finishing above the legislative adopted forecast by $17.1 million. Sales and use tax, which is the state’s largest revenue source, finished 0.5% below estimates, down $6.9 million.
Jim Terwilliger, Commissioner of the South Dakota Bureau of Finance and Management, says South Dakota state government continues to budget responsibly on both the revenue and spending sides of the equation. He says the state’s economic metrics are strong and conservative spending will ensure our long-term fiscal health.
By law, the fiscal year 2023 surplus was transferred to the state’s budget reserves. The state’s reserves now total $335.7 million or 14.7% of the fiscal year 2024 general fund budget.
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