South Dakota tax collections lagging in first quarter of Fiscal Year 2025
Photo: Brent Nathaniel
November 15, 2024
PIERRE, S.D.–South Dakota just finished the first quarter of the 2025 fiscal year.
The Legislature’s Appropriations committee was told Thursday that revenues are down.
Derek Johnson of the Bureau of Finance and Management says the budget assumed three-percent growth.
The farm economy is down sharply, as witnessed by decreased tax revenues from farm equipment sales.
All told, sales tax revenues this July were down 5.9-percent from July of last year.
Governor Noem will present her budget recommendations to legislators next month.