Daugaard: State Ends 2016 Budget Year with $14.1M Surplus
SIOUX FALLS, S.D. (AP) — Gov. Dennis Daugaard says South Dakota ended the 2016 budget year with money to spare, marking the fifth consecutive year of surplus.
Daugaard announced Wednesday the state finished the fiscal year that ended June 30 with a $14.1 million surplus.
Revenues were $3.6 million over March estimates. State spending came in $10.4 million less than budgeted.
Daugaard says balancing the budget was his main priority when he assumed office.
Sales tax collections, the biggest state revenue source, were about 0.7 percent below target. But they grew nearly 3 percent over the previous fiscal year.
Overall general fund receipts totaled about $1.5 billion for the budget year. South Dakota has nearly $160 million in reserves.
The state saw notable growth in the bank franchise tax, insurance company tax and severance taxes.
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