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Local Classi ed and
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The following rates are for Classi eds pub- lished in both the Groton Daily Independent and the Groton Independent, and posted on- line at www.grotonsd.net. Cut rate in half if you just want it in the GDI or just the weekly.
1 Week: $9 for rst 30 words, 20¢/word thereafter 2 Wks: $17 for rst 30 words, 38¢/word thereafter 3 Wks: $24 for rst 30 words, 54¢/word thereafter 4th consecutive week is free 605/397-NEWS (6397)
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South Dakota Ends Fiscal Year With Surplus
PIERRE, S.D. – South Dakota state government closed the 2017 budget year on June 30 marking the sixth consecutive year with a surplus, Gov. Dennis Daugaard announced today. Despitelowerrevenue,thestategeneralfundbudgetforFiscalYear2017endedwitha$7.9 million cash surplus due to lower expenditures than budgeted.
The scal year ended better than anticipated due to reduced expenses that sent more funds backtothegeneralfund.Intotal,stateagenciesspent$15.6million,or1percent,lessthan wasappropriatedbytheLegislature.RevenueforFiscalYear2017 nishedlowerthanestimates
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adoptedbytheLegis- lature in February by $7.6 million, or 0.48 percent. Combined, thestate’sbudgetfor Fiscal Year 2017 end- ed with a $7.9 million surplus.
“Finishing Fiscal Year 2017 with a surplus, without using our re- serve funds, was a majoraccomplishment given the weakness we have experienced in our general fund revenue.Thisspring, Iaskedstateagencies to reduce spending by $10 million to $15 million because of our lowerrevenues”Gov. Daugaardsaid.“State agencies responded, and all areas of state government were able to spend fewer tax dollars than appropri- ated to contribute to the budget surplus.”
returned.
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lcherald.com.
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Collectively, the
three branches of
state government
spent $15.6 less than appropriated. Of the
general fund rever-
sions, $14.4 million camefromExecutive Branchagencies,and $1.2millioncamefrom
the Unified Judicial
System, the Legis-
lature, the Board of
Regents and constitutional of ces.
10 ◊ 397news.com ◊ Wed., July 19, 2017
South Dakota’s sales and use tax receipts, the state’s largest revenue source, nished the scal year slightly above revised budgeted levels, growing 10.49 percent compared to the prior year. This high rate of growth is due to the increase in the sales tax rate that took effect on June 1, 2016. Collections from the sales and use tax accounted for nearly 61 percent of total general fund receipts in Fiscal Year 2017.
Sources of revenue with notable increases were the severance tax, the bank franchise tax and the contractor’s excise tax, which grew 46.3 percent, 39.7 percent and 5.3 percent, respectively, over FY2016. Ongoing receipts to the general fund totaled $1,540.9 million which grew 7.1 percent compared to the previous year.
South Dakota state government ended FY2017 by transferring $7.9 million to the Budget Reserve Fund, as required by law. The state’s Budget Reserve Fund now has a $121.3 million balance and the General Revenue Replacement Fund has a $44 million balance. The combina- tion of those two funds, totaling $165.3 million, represents a combined reserve of 10.7 percent of total general fund spending for FY2017.