Final revenue figures for the 2014 fiscal year budget came in higher than the revised revenue projections adopted by the legislature during the 2014 session.
Jim Terwilliger of the S.D. Bureau of Finance and Management presented members of the interim Joint Committee Appropriations with an approximately $9.9 million surplus ($2.6 million in tax receipts and approximately $7.2 million in budgeted agency reversions) that will be placed in the state surplus.
Ongoing receipts saw a $5.4 million increase and one-time receipts a $2.8 million decrease from the revised projections adopted. Sales and Use tax receipts saw the biggest change – up by $4.4 million – from the ongoing receipts projections and unclaimed property receipts were the biggest downgrade – by $3 million – for one-time receipts.
Tax receipts increased by approximately $112 million from FY 2013 to FY 2014.
Terwilliger also shared with committee members that projections for the FY 2015 budget were up approximately $10 million, or 0.73 percent, from the projections adopted by the legislature during session.
Legislators will revisit the FY 2015 budget projections during the 2015 legislative session.
For updates from the legislative interim, check the ASBSD Blog.