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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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January09

Revenue figures bounce back, budget talks about to begin

The holiday shopping season brought in the green to keep state revenue figures out of the red.   Revenue collections in December came in slightly more than $10 million higher than what the legislature adopted for the month during last year’s legislative session. The December figures were a needed rebound over November’s numbers, which were
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November24

Revenue collection ahead of collection one-third through FY19

One-third of the way through the 2019 fiscal year and South Dakota’s revenue collection is ahead of schedule.   Revenue collected through October – as reported by S.D. BFM –  is nearly $3 million ahead of projections adopted by the South Dakota Legislature during legislative session this year. July and September collections were in the
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June07

Revenue collection remains ahead with one month to go

Revenue for the fourth and fifth months of 2018 found the black and put fiscal year 2018 a positive final month away from collections outpacing estimates.   S.D. Bureau of Finance and Management reported April’s collections coming in $4.2 million above estimates with the Bank Franchise Tax ($4.7 million) being the month’s biggest winner while
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April14

Revenue figures revert to the red in March

Revenue figures reverted to the red in March.   S.D. Bureau of Finance and Management reported revenue for the third month of 2018 was nearly $2 million under projections adopted by the legislature during session.   Sales Tax collections were $2.4 million less than projected for the month with Bank Franchise Tax and Unclaimed Property
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February16

Appropriators adopt revenue projections above December’s proposal

Revenue projections adopted by appropriators present hope for a possible funding increase for schools.   On Tuesday (2/13), members of the Joint Appropriations committee adopted revenue projections for the Fiscal Year 2019 budget totaling $1.641 billion, which exceeds the $1.622 billion in revenue proposed by Gov. Dennis Daugaard during his budget address in December.  
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January15

Latest revenue report accounts for revised budget figures

South Dakota’s latest revenue report accounts for revisions to Fiscal Year 2018 budget.   At his December budget address, Gov. Dennis Daugaard proposed revenue figures for the FY18 budget at $20.3 million lower than the figures adopted by the legislature during the 2017 session.   The figures presented during the budget address resulted in a
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December22

Collections well below projections in latest revenue report

South Dakota’s avoided the worst of winter’s coldest weather, thus far, but the state’s revenue collection last month was below zero, per se.   November’s reported revenue collections came in lower than any other month thus far in fiscal year 2018 with actual collections coming in nearly $17 million lower than the projection adopted by
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December07

Declining revenue collection results in no proposed inflationary increase for K-12

Due declining revenue in South Dakota, Gov. Dennis Daugaard proposed no inflationary increase for K-12 education for fiscal year 2019 during his budget address on Tuesday (12/5).   “I cannot recommend inflationary increases, at all,” Gov. Daugaard said, adding that funding for education for the 2018-19 school year will be “tied to increasing student enrollment”
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