Revenue collections exceeded projections for the fifth consecutive month.
November’s revenue collections exceed the legislature’s adopted projections by $14.5 million, which was powered by sales tax collection being nearly $13 million above projection.
The surplus revenue projection for the month brought the 2022 Fiscal Year total collections to nearly $88 million more than the adopted projection.
Revenue collections continuing to be higher than projections is a welcome sight for schools as Gov. Kristi Noem has proposed a 6 percent increase in state aid for next school year, which brings $41 million in new, ongoing funding. Read more about the proposed increase here.
“Growth of collections above projections is coming at a great time for schools, especially when you remember it’s following the nearly $86 million in surplus collected in Fiscal Year 2021, which was placed in state reserve,” ASBSD Executive Director Wade Pogany said.
“School board members and administrators will need to keep following these figures and advocating to their legislators the state’s revenue supports the proposed six percent for schools.”
The 2022 legislative session begins on January 11 meaning legislators will have a look at three more months of revenue collections in FY22.