2023 Annual Comprehensive Financial Report shows South Dakota state government net worth over $9-billion; State Retirement System funded at 100.1%

The South Dakota Bureau of Finance and Management released the state’s Annual Comprehensive Financial Report for fiscal year 2023.

The audited report represents the collective efforts of BFM, state agencies and the Department of Legislative Audit. Highlights include:

• The State’s total net position (net worth) is $9.2 billion, an increase of $726.0 million from the prior fiscal year.
• The South Dakota Retirement System has a funded status of 100.1%, one of the strongest pension systems in the nation.
• Increased investments to modernize South Dakota’s correctional infrastructure and avoid debt. As of June 30, 2023 the Incarceration Construction Fund current balance is $365.6 million.
• The State has maintained its AAA public issuer rating from Standard & Poor’s, Fitch Ratings, and Moody’s, which represents the highest rating from each rating agency.

Governor Kristi Noem says South Dakota is financially strong, and this report reflects that. She says the state continues to reap the benefits of the conservative management principles implemented by state leaders and lawmakers.

The ACFR can be viewed online at https://bfm.sd.gov/ACFR/ or for printed copies, contact BFM at 605-773-3411.