The South Dakota Ordinance Adopting the Budget is a legislative document that outlines the financial plan and allocation of resources for a specific period, typically a fiscal year, in the state of South Dakota. This ordinance pertains to the process of adopting and approving a budget in order to effectively manage the state's finances and meet its obligations. The key objective of the South Dakota Ordinance Adopting the Budget is to ensure responsible financial management, taking into consideration the needs of various departments, public services, infrastructure projects, and other state initiatives. This ordinance aims to strike a balance between revenue generation, expenditure planning, and meeting the demands of a growing population. Some relevant keywords associated with the South Dakota Ordinance Adopting the Budget include: 1. Fiscal year: The budget ordinance is typically adopted for a specific fiscal year, which runs from July 1st to June 30th in South Dakota. 2. Revenue sources: The ordinance identifies and evaluates various revenue sources available to the state, such as taxes, fees, grants, and federal funding. 3. Expenditure categories: The ordinance categorizes expenditures into different areas like education, healthcare, transportation, public safety, and infrastructure development. 4. General Fund: This refers to the main operating fund of the state, and the budget ordinance describes how funds are allocated within the General Fund to various state agencies and departments. 5. Capital projects: The ordinance may specify the allocation of funds for capital projects, including the construction or improvement of infrastructure such as roads, bridges, schools, or public buildings. 6. Public input: The budget adoption process usually involves public hearings and opportunities for citizens and stakeholders to provide input and feedback on the proposed budget. 7. Budget committee: A budget committee or advisory board may be involved in the review and recommendation process before the ordinance is presented to the legislative body for adoption. 8. Reserves and Contingency Funds: The ordinance may address the establishment and maintenance of reserves or contingency funds to handle unforeseen expenditures or emergencies. While there may not be different types of South Dakota Ordinance Adopting the Budget, variations may exist based on different fiscal years, economic conditions, and priorities of the state government. However, the fundamental purpose of the ordinance remains consistent — to establish a comprehensive and balanced budget for the effective governance of South Dakota.
South Dakota Ordinance Adopting the Budget
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South Dakota uses an annual budget. The legislature must pass a balanced budget, but it can carry a deficit over into the following year. South Dakota further limits annual revenue growth with a binding rule that requires a legislative supermajority or vote of the people to override.
The two-year budget for fiscal 2024-2025 calls for $19.6 billion in total spending over the course of the biennium (a 15.8 percent increase over the fiscal 2022-2023 biennium) and $6.1 billion in general fund spending (a 22.1 percent increase over the fiscal 2022-2023 biennium).
That year, South Dakota received approximately $1.5 billion in federal aid, 37.2 percent of the state's general revenues.
The budget calls for $7.39 billion in total spending in fiscal 2024, a 6.3 percent increase from the budgeted amount for fiscal 2023 (the fiscal 2023 amount includes $427.0 million in emergency special appropriations and $181.5 million in continuous appropriations/transfers).
(South Dakota reports some corporate income tax revenue because it levies a special tax on financial institutions.) After federal transfers, South Dakota's largest sources of per capita revenue were general sales taxes ($1,865) and property taxes ($1,661).
Gov. Kristi Noem approved the whopping $7.4 billion state budget for the 2024 fiscal year, after weeks of veiled threats to veto the spending bill.