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April17

Revenue collection remains behind in South Dakota

Revenue in South Dakota is not on the rise.

 

A recently released report by the South Dakota Bureau of Finance and Management noted general fund collections for fiscal year 2017 remain lower than expected; even after estimates were recalculated and adopted by the legislature.

 

Collections in March came in nearly $4 million lower than the legislature’s revised estimates with the year-to-date collections for FY17 – based on the legislature’s revised estimates – coming in $13.7 million below estimates.

 

S.D. BFM noted in their February 2017 General Fund Receipts dashboard indicator that collections need to grow by 7.5 percent in order to meet the FY17 revised estimates adopted by the legislature.

 

The lag in revenue collected compared to adopted estimates is worth watching for schools.

 

“We need to pay close attention to the movement of these figures as they’ll dictate the direction of funding for schools,” ASBSD Executive Director Wade Pogany said. “Revenue collection came in to play this session when stagnant growth resulted in funding instability.”

 

“Ultimately, legislators came through and provided schools an increase, but the irregularity in revenue collection places some uncertainty in our funding future.”

 

ASBSD will continue to monitor revenue collections throughout the year. For updates, check the ASBSD Blog and Twitter feed.

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