PIERRE, S.D. (AP) — Gov. Dennis Daugaard says South Dakota has finished the fiscal year with a $24 million budget surplus.
Daugaard says revenue exceeded estimates by $13.6 million. In addition, agencies spent $10.6 million less than appropriated.
South Dakota’s sales and use tax receipts are the largest revenue source. The receipts grew nearly 6 percent in the month of June. Collections from the sales and use tax accounted for 57 percent of general fund receipts in Fiscal Year 2013.
The $24.2 million was transferred to the Budget Reserve Fund, as required by law. The Budget Reserve Fund now has a balance of $95 million.
Daugaard says finishing Fiscal Year 2013 with a surplus increases the chance of finishing Fiscal Year 2014 with a balanced budget while properly funding critical areas.