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June06

Revenue collections were mildly ahead in May, still down overall for year

Revenue collections were mildly ahead of projections for the month of May.   Overall for the month, collections were $1 million ahead of the projections adopted by the legislature in February and the gain brought the year-to-date figure to a $4.37 million deficit.   “Overall what they (revenue figures) will show you is that we’re
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May11

Revenue collection shows effect of virus

South Dakota revenue collection has begun to show the impact of the Coronavirus.   April’s revenue collection came in $18 million less than what was adopted by the legislature earlier this year.   The S.D. Bureau of Finance and Management noted in it’s COVID-19’s Delayed Impact on South Dakota document that “a larger impact” was
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April11

Revenue figures could have direct effect on state aid increase

The Coronavirus outbreak has had an impact on the state’s economy that has yet to be seen.   School districts received the two percent increase required by law, which is three percent or inflation, whichever is less and inflation for Fiscal Year 2021 is at 2 percent. That increase is in flux as a special session looms
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February23

Other revenue bill ousted from session

The last other revenue adjustment bill of session was ousted in committee.   On a 4-2 vote, Senate Taxation committee members defeated Senate Bill 168, which freezes the other revenue step-down process at 60 percent counted as local effort. Previously, Senate Bill 111 was passed by the committee, but defeated on the Senate floor.  
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February19

State aid increase in play after revenue figures higher than December’s numbers

The chances of schools seeing an increase in state aid were buoyed by last week’s adopted revenue projections.   Members of the Joint Appropriations committee adopted revenue projections for Fiscal Year 2021 $19 million higher than what was projected by Gov. Kristi Noem during her budget address in December, which did not include a proposed
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February11

FY20 revenue remains ahead, FY21 projections coming Thursday

A major day in deciding what school funding will look like for the next school year is coming up.   The Joint Appropriations committee will hear revenue projections on Wednesday, February 12 and adopt revenue projections for the upcoming fiscal year the following day. Those figures will assuredly play a role in whether or not
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January14

Gov. Noem notes rise in revenue, possibility for state aid increase

South Dakota’s revenue figures from the holiday season brought with them some cheer and a note from Gov. Kristi Noem during her State of the State Address that any extra money should be prioritized for K-12 education.   “Since my budget address, revenues have been slightly better than expected,” Gov. Noem said during her address
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December30

Revenue projections may have major implications for K-12

The most recent revenue figures for South Dakota tell two different stories.   November’s revenue numbers are either very good or very bad, depending on the projections used. Based on revenue projections adopted by the legislature during the 2019 legislative session, the revenue figures for November came in $8.7 million higher than projected, but utilizing
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July25

Appropriators hear FY19 and 20 revenue reports

South Dakota finished Fiscal Year 2019 with a $19 million budget surplus, but some aspects of revenue collection underwhelmed, which could become a trend in Fiscal Year 2020.   Much of the $19 million surplus was a result of budget reversions from state departments with more than $17 million in reversions. Revenue collection came in
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February18

Appropriators adopt revenue projections

Revenue projections for the upcoming fiscal year’s budget were higher than expected, but the figures adopted were only slightly more than what was proposed.   Members of the Joint Appropriations committee approved revenue projections for the Fiscal Year 2020 budget totaling $1.701 billion, which is an increase above what was proposed by Gov. Kristi Noem
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