Revenue collections were mildly ahead of projections for the month of May.
“Overall what they (revenue figures) will show you is that we’re in pretty good shape as of today,” Gov. Kristi Noem said during her press conference on June 4, but added “we’re not out of the woods, yet”
May’s success was thanks in large part to the Licenses, Permits and Fees collection coming in $9.7 million ahead of the adopted projection, but most other collections were behind their projected totals with sales tax $6.1 million lower and lottery $1.2 million under projections.
The downward trend of most revenue collections comes after April revenue collection were $18 million below projections for that month and brought year-to-date collection $5.5 million less than where it was projected to be at that point.
Despite the current dips, Gov. Noem said last week the state “will not be having a special (legislative) session in June” to adjust the budget, which means schools will receive the two percent increase adopted by the legislature and signed into law by the Governor in March.
However, Gov. Noem said at the June 4 press conference “the biggest (economic) impact may not” be felt “for six months, maybe a year.”
ASBSD will continue to monitor revenue collections and their potential effect on state aid. For additional updates on everything related to K-12 education, check the ASBSD Blog.