South Dakota ends 2018 budget year with $16.9M surplus
PIERRE, S.D. (AP) — South Dakota ended the 2018 budget year with a surplus from lower-than-expected state spending and tax collections that topped officials’ projections, Gov. Dennis Daugaard’s office said Monday.
The Republican governor’s office said in a statement that the state finished the budget year with $16.9 million more than anticipated, marking South Dakota’s seventh straight year of surplus. Daugaard said that closing the year with a surplus puts South Dakota’s budget in a positive position as the state starts the 2019 budget year.
“This marks the seventh consecutive year that we have maintained a structurally balanced budget. This was my number one priority when I took office and it still is as I finish my term as governor,” said Daugaard, who is wrapping up his second term and is limited from running again in the November election.
The 2018 fiscal year ended June 30. The $16.9 million surplus went to budget reserves, which now total $176.4 million.
The governor’s office says the state collected $6.2 million, or 0.38 percent, more than expected and spent $10.7 million, or 0.67 percent, less than budgeted. Executive branch agencies accounted for $8.5 million of the lower-than-expected spending, while $2.2 million was from the Legislature, Board of Regents, state court system and constitutional offices.
Ongoing general fund receipts totaled roughly $1.59 billion, with about 62 percent coming from sales tax collections.