With the revenue projections presented the financial parameters were set for South Dakota’s fiscal year 2016 budget.
Legislative appropriators adopted the revenue projection recommendations presented by the appropriations subcommittee for the FY16 budget, as well as the FY15 updated projections.
Rep. Dan Dryden said the revenue projections presented by the Bureau of Finance and Management and Legislative Research Council were very close and the subcommittee decided to “split the difference” between the projections.
For FY16, appropriators adopted a projection of $1.43 billion and for the updated version of FY15 they chose a projection of $1.374 billion.
The adopted FY16 projection is approximately $10 million lower than the projections presented to legislators in December during Gov. Dennis Daugaard’s budget address and FY15 adopted projections are approximately $7 million lower.
Rep. Dryden said appropriators are “pretty comfortable with what they’re (BFM and LRC) recommending.” He also noted the adopted projections tracked “a little bit conservative.”
Rep. Ray Ring said he believed the adopted projections were “much too conservative.”
Appropriators voted on identical 13-4 votes.
Rep. Dryden added that if the projections “we’re too conservative” legislators could come back next year and reallocate the additional dollars.
The adoption of the projections means the process of putting together the general fund bill – House Bill 1208 – will begin.
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