With Fiscal Year 2022 nearing its end South Dakota’s revenue collections have exceeded revised projections by nearly $50 million.

 

May’s revenue collections came in $16 million above the revised projections adopted by the legislature during the 2022 legislative session.

 

The additional $16 million in May combined with collections in April, March and February eclipsing revised projections brings the total extra dollars to $48.7 million with one more month to go.

 

With revenue collections through May exceeding the revised revenue projections by nearly $50 million, it’s even greater compared to the original projections adopted by the legislature during the 2021 session.

 

 

There’s a difference of more than $280 million between the current FY22 collections and the originally adopted revenue projections. Through May, the originally adopted revenue projections were expected to total $1.669 billion while the actual revenue collected is nearly $1.950 billion.

 

 

As the fiscal year approaches its end, the FY22 proposed percentage for the budget reserve is set at 12 percent with the total amount to be placed there yet to be seen as in Fiscal Year 2020 it totaled $193.4 million and reached more than $300 million in Fiscal Year 2021, which was 16.6 percent of South Dakota’s general fund budget.

 

For updates on revenue projections as the fiscal year comes to a close, check the ASBSD blog.