PIERRE, S.D. – Governor Kristi Noem says South Dakota closed the 2023 budget year with a surplus of $96.8 million.
In a Monday release, it shows state government spent $79.7 million less than appropriated in fiscal year 2023, with the total revenue finishing above the legislative adopted forecast by $17.1 million. Sales and use tax, which is the state’s largest revenue source, finished 0.5% below estimates, down $6.9 million.
By law, the fiscal year 2023 surplus was transferred to the state’s budget reserves. The state’s reserves now total $335.7 million or 14.7% of the fiscal year 2024 general fund budget.
