With only two months left to collect in Fiscal Year 2022, revenue collections remain far above projections, even after they were adjusted during legislative session.

 

Through April, revenue collections are $32 million ahead of the revised projections with the month of April alone accounting for an additional $20 million more than projections. Compared to the revised projections adopted by Appropriators February eclipsed its benchmark by more than $10 million and March by $2.4 million.

 

 

The revenue figures will almost undoubtedly lead to another increase in the budget reserve, which in Fiscal Year 2020 sat at $193.4 million and reached more than $300 million in Fiscal Year 2021 – totaling 16.6 percent of South Dakota’s general fund budget.

 

As the state waits to see what the final amount in the reserve for FY22 is the proposed percentage was 12 percent and for FY23 the proposed level is 14.2 percent.

 

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