Gov. Rhoden Casts Vision and Establishes Guardrails for Future Fund

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Gov. Rhoden Casts Vision and Establishes Guardrails for Future Fund

PIERRE, S.D. – Today, Governor Larry Rhoden signed Executive Order 2026-03, which establishes guardrails and casts a vision on how he intends to use the Future Fund during his administration.

“Let me be clear: I support economic growth. That growth should be bold enough to seize opportunity and wise enough to prepare for the future responsibly,” said Governor Larry Rhoden. “This Executive Order is the responsible way to prepare for the future. Much of it is a direct reflection of how we do business today, and it’s a promise for how my administration will administer Future Funds going forward. This is a great step to keep South Dakota Open for Opportunity.”

The Employer’s Investment in South Dakota’s Future Fund, commonly called “the Future Fund,” was established by the Legislature in 1987.Over 1,600 projects have been supported by the Future Fund since then, including the Build Dakota Scholarship, the Sanford Underground Research Facility, support for the Ellsworth Air Force Base, hundreds of South Dakota’s most successful businesses, and, more recently, new business parks in Aberdeen and Watertown and Dakota BioWorx in Brookings.

Governor Rhoden is committed to the accountable administration of the Future Fund which include some of the following guard rails:

  • Each Future Fund grant will be awarded on a reimbursement basis, requiring receipt of itemized invoice of expenditures and reasonable proof of payment prior to any disbursement of funds;
  • The Governor’s Office of Economic Development (GOED) should require a matching commitment or in-kind consideration for the benefitted entity when feasible;
  • Each agreement shall require a grant recipient to have a conflict of interest policy in place;
  • Each grant must have a written, signed agreement prior to disbursement of funds;
  • GOED shall ensure that all executed Future Fund agreements are posted on OpenSD in compliance with SDCL 1-27; and
  • GOED shall provide a report to either the Joint Committee on Appropriations or the Interim Committee on Appropriations on a biannual basis about each Future Fund award.

“These guardrails ensure we continue investing in the right projects, at the right place, and at the right time,” said GOED Commissioner Bill Even. “Thanks to Governor Rhoden’s leadership, South Dakotans can have confidence that the Future Fund is being used both responsibly and transparently to promote the future growth of South Dakota.”

You can find more information about the Future Fund here.

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9 thoughts on “Gov. Rhoden Casts Vision and Establishes Guardrails for Future Fund”

  1. This is fine, but is this really “casting a vision?” It’s funny how defensive Larry is in response to criticism.

    1. This IS fine, Governor Rhoden is sharing HIS VISION, not simply pretending his opponent has no vision as a ploy to undercut him or her. Challenge answered.

        1. We know Dusty can spout perfect High Politician and weave billions of silvery words of policy at the drop of a napkin at some fancy dinner. He can erect straw men and burn them down faster than anyone in the state. People are kind of sick of that whole thing, thanks.

    2. It’s funny how Dusty waits to see which way the wind blows after Larry offers his policy. THEN Dusty has something to say.

  2. The Future Fund was a good concept 40 years ago. Today, it feels like a slush fund ripe for corruption. Maybe need to blame Kristi for that after dropping $1M on a rodeo. But there are plenty of other examples of companies with nice balance sheets who do not need a government grant to make their project work.

  3. The sad reality is other states incentivize new businesses at a much higher level so if we have that attitude they aren’t interested. Our super power is low tax and regulation but they need to get in the black as soon as possible and then worry about taxes. It’s an important tool that GOED can use to help get them to here.

  4. This is a good start. But hear me out: what if for the next five years we put all future funds toward improving teacher pay, student outcomes, real accountability, and actual innovation in education? Maybe somewhere for the behavioral children to go that gives them a chance to become a productive member of society and not just a stat in a bigger prison?

    Quality education is one of the top things—right up there with low taxes—that businesses and families look at when deciding where to relocate. Top-tier education is long-term economic development.

    In other words: ED = ED.

    P.S. I don’t ever post anonymously. And honestly? You all could stand to be a little bolder in the comments section. Let’s see some names. 😉

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