South Dakota Ends Fiscal Year with $115 Million Surplus
PIERRE, S.D. – Today, Governor Kristi Noem announced that South Dakota closed the 2022 budget year on June 30 with a surplus of $115.5 million. Total general fund revenue for fiscal year 2022 finished $72.3 million higher than adopted estimates, and the state general fund budget ended with expenses $43.2 million less than budgeted.
“South Dakota has the strongest economy in America and a strong financial position to match,” said Governor Noem. “We live within our means and operate government conservatively. Low regulation, low tax burden and business friendly policies are still the recipe for economic success.”
Actual general fund revenue for fiscal year 2022 was unexpectedly higher than recent adopted forecast estimates. In total, revenue finished above the adopted forecast by $72.3 million, or 3.3 percent. Sales and use tax, which is the state’s largest revenue source, finished $36.6 million above estimates and grew 12% over the prior fiscal year. A combination of all other sources of general fund revenue finished the fiscal year $35.7 million above legislative estimates.
South Dakota’s personal income growth led the nation again in the first quarter of 2022. South Dakota has been a leader in this metric since the start of the COVID-19 pandemic. People continue to move to South Dakota as our net inbound migration wasranked second in the nation, while South Dakota’s 2.3% unemployment rate is among the lowest in the nation and lower than before the pandemic.
“We must remain cautious and conservative due to 40-year highs in inflation caused by the Biden Administration’s heavy spending and regulation,” said Governor Noem. “However, we are prepared to weather any economic storm thanks to our structurally balanced budget, fully funded pension, and strong reserves.”
By law, the fiscal 2022 surplus of $115.5 million was transferred to the state’s budget reserves. The state’s reserves now total $422.6 million or 20.5% of the fiscal year 2023 general fund budget.
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Let’s put that surplus into creating a manual ballot counting program together like the one they used in Arizona.
Either one thinks that the system has integrity (not a serious hard earned and informed position) or they are part of it (sadly, there may be a critical mass of these criminals).
I look forward to your name on the ballot this November.
Perfect for the Medicaid expansion….
Yeah, a perfect short-time bandaid for a self-inflicted financial wound that never heals. Great.
The Government (taxpayers) are not responsible for your health care.
Shall we discuss the percentage of Americans that pay Federal Income Taxes?
Ah! But you are! Let me introduce you to the County duty to relieve poor persons. Every county in the state is familiar with these cases, and Avera and Sanford pursue them aggressively. https://sdlegislature.gov/Statutes/Codified_Laws/2051806
The more you know…. *****
So the Kristi could have paid up for corrections officers and state employees to keep up with inflation and address understaffing and overworking issues but chose not to.
Are you talking about the inflation caused by Biden?
Let’s discuss that in depth. Are you up for that?
Yes, lets discuss the inflation caused by “Biden The Great”
Start the discussion by explaining how inflation is worse in almost every single European and Asian country in the world if this is all Biden’s fault.
Ill wait.
The US inflation is the Democrats fault due to the covid money. The 2nd and 3rd stimulus wasn’t needed. Thank God Noem never shut down SD. Not to mention giving money to the jab companies when the jab doesn’t work.
“Noem never shut down SD.” She just left that up to school districts, SDHSAA, SDBOR, municipalities, and employers. Meanwhile, she sent all members of the Executive Branch to work from home. What a coward.
The real trick will be pulling in the same numbers without the federal stimulus dollars. The key will be keeping employee pay increases well below the rate of inflation…frankly, keeping the pay exactly the same would be preferred. If I were heading to Pierre, I would vote for wage freezes for all state employees, except members of the cabinet.
Wow, with this surplus, we could repeal the .5 percent sales tax that was created when those liberals were evading tax at amazon. Now that we have that, surely the 6 liberals in elected office of the state can take this tax increase and shove it. Those 85+ fiscal conservatives will deliver for us I’m sure, right?
Well, they did eliminate the “Bingo Tax.” There’s courage for ya.
How much of a surplus do we need? Most states average from 5-12%. We really need to consider eliminating the sales tax on food and clothing. This helps everyone, especially those with low incomes. Now more than ever, we need to be reducing taxes and not socking it away for some rainy day that may never come. Yes we need a savings but 20% is probably a good stopping point. Let’s give folks a break until we can at least get through this miserable Biden debacle!
“Let’s give folks a break until we can at least get through this miserable Biden debacle!”
Amen!!
Let’s put half of it into rural broadband, which enriches a few telecoms. Or maybe send to the day cares. Would love to see how (in)effective their day care spend was. Or maybe we could send it to all the out of state marketing consultants.
A government with too much money spends it on things not necessary.
Rhe state cannot spend the stimulus as most people want, plus it’s constitutionally bound to keep no less than 25% of its annual expenses in reserves, ans much of the surplus this year was caused by the federal monies the state was cable to grab from trillions of federal taxes. The state is pirated to take back from the FEDS any taxes paid by South Dakotans.