PIERRE, S.D. (KELO AM) South Dakota closed the challenging 2017 budget year with a surplus, despite slower revenues.
Governor Dennis Daugaard announced on Monday that the state general fund budget for the fiscal year that ended June 30, squeezed out a $7.9 million surplus. Daugaard said it was due to lower spending than budgeted.
The fiscal year ended better than anticipated due to reduced expenses that sent more funds back to the general fund. In total, state agencies spent $15.6 million, or 1 percent, less than was appropriated by the Legislature.
“Finishing Fiscal Year 2017 with a surplus, without using our reserve funds, was a major accomplishment given the weakness we have experienced in our general fund revenue." said the Governor, pointing to the belt tightening by state agencies he ordered in the spring.