South Dakota ends fiscal year with nearly $100 million surplus
photo by Perry Miller
The state of South Dakota closed the 2023 budget year with a surplus of nearly $100-million.
State government spent $80 million less than appropriated in fiscal year 2023, with the total revenue finishing above the legislative adopted forecast by $17 million. Sales and use tax, the state’s largest revenue source, finished below estimates, down $7 million.
The surplus is $96.8 million.
Governor Kristi Noem says the state’s economy is continuing to thrive “because we keep state government small, taxes are low, and we spend within our means.”
By law, the fiscal year 2023 surplus was transferred to the state’s budget reserves. The state’s reserves now total nearly $336 million.
July 18, 2023
