South Dakota Ordinance Adopting the Budget
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How to fill out Ordinance Adopting The Budget?
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FAQ
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.