PIERRE, S.D. (AP) – Gov. Dennis Daugaard says South Dakota has ended the 2017 budget year with a surplus built on state spending reductions that offset lower-than-expected tax collections.
The Republican governor said Monday that South Dakota finished the budget year with roughly $8 million left over, marking the state's sixth straight year of surplus.
The 2017 budget year ended June 30. The state collected $7.6 million less in revenue than expected but also spent $15.6 million less than budgeted. That left about $8 million for budget reserves.
The governor asked state agencies to cut spending in the face of weaker-than-anticipated revenues. He says finishing the year with a surplus is a "major accomplishment."
Ongoing general fund receipts totaled more than $1.5 billion. South Dakota has roughly $165 million in reserves.