South Dakota Has 8th Largest Percentage Budget Reserve
South Dakota has nearly 11 percent of its budget in reserve — the eighth most of any state in the United States, according to new report.
The Fiscal Survey of the States by the National Association of State Budget Officers measures numerous metrics regarding state budgets over the past several years.
The national average for reserves by state governments from fiscal years 2013 to 2015 was 5.9 percent.
Alaska had the highest percent of its budget in reserve, with nearly 200 percent of its budget in reserve at 197 percent. Wyoming was second at 50.4 percent, West Virginia at 20.1 percent, Nebraska at 17.2 percent, North Dakota at 16.8, Texas at 16.6 percent and New Mexico just above South Dakota at 10.8 percent.
Also according to the report, South Dakota saw increases in state tax collections of 4.3 percent in fiscal 2013, 6.1 percent in fiscal 2014 and 3.4 percent in fiscal 2015. In money, this was $776 million, $823 million and 851 million in 2013, 2014 and 2015 respectively in collections.
South Dakota also provided a cost of living increase — 3 percent — in cash assistance to Temporary Assistance for Needy Families in fiscal 2015, according to the report.
For state employees, according to the report, in fiscal 2015, state employees received a 3 percent cost of living increase with some receiving up to a 4.5 percent increase to move them toward “job worth.”
The study report is available at nasbo.org.