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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 Receipts each coming in more than $300,000 under the bar set by the legislature. Lottery and Net Transfers In each came in nearly $500,000 above projections for the month.

 

March marks the first negative collection in four months for state revenue, as reported by S.D. BFM. Reported revenue received in November came in nearly $750,000 in the black while December exceeded expectations by $7.8 million, January at $9.6 million and February $2 million.

 

Strong returns in December, January and February played a major role in schools receiving a one percent increase ($12 million in new money) in state aid for the 2018-19 school year and 0.7 percent in one-time dollars ($5.4 million) set to be paid out in July.

 

Despite March’s red returns the state’s revised revenues remain in the black by nearly $150,000 year-to-date.

 

For updates on state revenue collections and education issues, check the ASBSD Blog, Twitter feed and Facebook page.

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