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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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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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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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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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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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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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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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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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Revenue collection remains major issue

Since the start of 2017 revenue reports have not been rosy.   That tepid trend continued during the April meeting of the legislature’s Executive Board. S.D. Legislative Research Council Fiscal Analyst Jeff Mehlhaff informed board members the state’s general fund revenue is down $3 million from “where we anticipated being” based on the restructured revenue estimates …

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