Revenue collection shows effect of virus
South Dakota revenue collection has begun to show the impact of the Coronavirus.
April’s revenue collection came in $18 million less than what was adopted by the legislature earlier this year.
The S.D. Bureau of Finance and Management noted in it’s COVID-19’s Delayed Impact on South Dakota document that “a larger impact” was “anticipated in April” because it was the first full month the state, municipalities and counties had ordinances in place.
Licenses, Permits and Fees was down $9.3 million from its April projections with BFM stating “securities fees were not transferred to the general fund this month, the category should correct next month and should align more closely to projections.”
Lottery fell short by $4.2 million in April as “lottery has been significantly impacted by COVID-19. Many operators closed down, while others limited the number of players allowed to use their machines.”
Sales tax saw a small shortfall in the month of slightly more than $760,000.
Year-to-date ongoing revenues are down $5.56 million compared to adopted projections with lottery at a $3.5 million deficit compared to projections, but sales tax hanging on at $80,000 more than projected.
“Looking forward to the late spring and summer months continued large impacts are anticipated even with the gradual lifting of restrictions as tourism related travel is expected to be significantly impacted,” BFM wrote in its COVID-19’s Delayed Impact on South Dakota document.
Two more months remain in Fiscal Year 2020 and the revenue collections will likely see the effects of the Coronavirus, but Gov. Kristi Noem recently said a special session of the legislature may not take place in June as the state continues to sort out what they can apply federal aid dollars to.
ASBSD will continue to monitor the revenue figures and provide direct updates to school district leaders on state aid, when available.
For additional updates on everything related to K-12 education, check the ASBSD Blog.
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