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2023 ASBSD Billtracker Update: Taxes, revenue & funding

A handful of the pieces of legislation being tracked by ASBSD on our Billtracker page during the 2023 legislative session deal with tax reduction or repeal in some manner and their outcome will inevitably be affected by the state’s revenue collections, with adoption of FY24 revenue estimates upcoming.   You can read about the, the …

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FY23 revenue collections exceeding expectations by more than $100 million

Revenue collections in South Dakota so far in Fiscal Year 2023 exceeded expectations by nine figures.   Through November of FY23, the state’s revenue collections surpassed the figure adopted by the legislature by $135,260,272.   Revenue figures for FY23 were adopted by the legislature earlier this year during the 2022 legislative session and since the …

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Nearly $50 million more in revenue collected as FY22 nears end

With Fiscal Year 2022 nearing its end South Dakota’s revenue collections have exceeded revised projections by nearly $50 million.   May’s revenue collections came in $16 million above the revised projections adopted by the legislature during the 2022 legislative session.   The additional $16 million in May combined with collections in April, March and February …

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Revenue collections still exceeding projections

With only two months left to collect in Fiscal Year 2022, revenue collections remain far above projections, even after they were adjusted during legislative session.   Through April, revenue collections are $32 million ahead of the revised projections with the month of April alone accounting for an additional $20 million more than projections. Compared to …

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Adopted revenue projections higher than proposed in December

Revenue projections for the next fiscal year were adopted recently.   Legislative Appropriators adopted revenue projections at $2.067 billion for Fiscal Year 2023, which is more than $92 million higher than what was proposed by Gov. Kristi Noem in December, on a 14-3 vote.   With the revenue projections exceeding what was projected in December …

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Revenue collections remain on a roll

South Dakota’s strong 2022 Fiscal Year continued in December.   Gov. Kristi Noem touted the month and year’s strength in her State of the State Address on Tuesday (1/11) citing “exceptional revenue growth that South Dakota has enjoyed” because of the steps the state has taken in the past few years.   “So far this …

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Revenue collection far exceeding projections

Revenue collections continue to soar in South Dakota.   One-third of the way through Fiscal Year 2022 revenue collections continue to climb as the October collection was $12.2 million higher than the projections adopted by the legislature, bringing the state’s total collection in FY22 to $720 million, which is $73 million more than adopted projections. …

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Wind energy tax revenue transfer bill on to Gov

School districts seeking to use tax revenue from the wind energy tax only await the Governor’s signature to do so.   House Bill 1066, which authorizes the transfer of wind energy tax revenue from a school district general fund, passed the Senate Education committee on a 6-1 vote and the full Senate on a 35-0 …

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Revenue figures adopted, funding proposals discussed

An increase in state aid for next year and one-time money for this year remain in play after the adoption of revenue figures.   On a 14-3 vote, Legislative Appropriators adopted revenue figures for Fiscal Year 2022, which total $1.834 billion in revenue and is more than $30 million above what Gov. Kristi Noem proposed …

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Wind energy tax revenue transfer bill passes House

A bill adjusting the way tax revenue from wind energy tax can be used by school districts breezed through its first legislative chamber.   On a 14-0 vote, the House Education committee passed House Bill 1066, which authorizes the transfer of wind energy tax revenue from a school district general fund, and on a 68-0 …

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