July 17, 2023
PIERRE, S.D.–South Dakota closed the 2023 budget year with a surplus of $96.8 million.
State government spent $79.7 million less than appropriated in fiscal year 2023, with total revenue finishing above the legislative forecast by $17.1 million. Sales and use tax, which is the state’s largest revenue source, finished one-half percent below estimates.
By law, the fiscal year 2023 surplus was transferred to the state’s budget reserves. The state’s reserves now total $335.7 million.