Latest revenue report accounts for revised budget figures
South Dakota’s latest revenue report accounts for revisions to Fiscal Year 2018 budget.
At his December budget address, Gov. Dennis Daugaard proposed revenue figures for the FY18 budget at $20.3 million lower than the figures adopted by the legislature during the 2017 session.
The figures presented during the budget address resulted in a revenue report from the S.D. Bureau of Finance and Management showing revenue figures for the month of December coming in $7.8 million higher and year-to-date revenue $8.5 million higher.
The revised revenue figures utilized will require adoption by the legislature in the form of House Bill 1044, which is a revision of the FY18 general fund bill.
Revisions made in HB 1044 to the FY18 general fund bill will have positive results for K-12 education as state aid to general education and special education will be increased by $7.2 million – this increase comes in the form of House Bill 1045, which facilitates that transfer of the $7.2 million payment to state aid.
“We hope that the revisions to the FY18 budget will result in more promising revenue reports for the remaining months,” ASBSD Executive Director Wade Pogany said.
“State revenue has been fickle for some time and, with no proposed increase in state aid in next year’s budget, it’s having an effect on schools so it’s something we need to pay close attention to.”
Declining revenue was cited by Gov. Daugaard as the reason he could not propose “inflationary increases” for schools for the 2018-19 school year.
Increasing student enrollment, which is projected to grow by approximately 1,500 students, was the sole increase in educational funding included in next year’s budget proposal. Legislators will adopt next year’s budget later this session.
For updates on revenue, budget and bills, check the ASBSD Blog, Twitter feed and Bill Tracker.
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