South Dakota Closes 2021 Budget Year with a $85.9 Million Surplus
SIOUX FALLS, S.D. (AP) — South Dakota Gov. Kristi Noem announced the state finished the last fiscal year with an $86 million surplus.
The Republican governor says tax revenue hit a 30-year high and finished $62 million over what was estimated. The state also spent about $24 million less than what was budgeted for the fiscal year that ended on June 30.
Noem credits the state’s “respect for freedom and our continued emphasis on fiscal responsibility” for the financial windfall. Federal coronavirus relief funds sent both to taxpayers and state government also fueled the surplus.
The $86 million surplus was transferred into the state’s budget reserves, as required by state law. The state’s total reserves are now $302 million.