$19 Million Surplus, South Dakota Remains Strong
After spending over $74 Million in Coronavirus Relief Funds so far this fiscal year, the state of South Dakota still has money in the bank. Looking at how low the revenue and expenditure numbers are Governor Kristi Noem says, “Despite the challenges with COVID-19, South Dakota remains in a strong financial position.”
According to a recent press release, South Dakota closed the 2020 budget year on June 30 with a surplus of $19.1 million, revenue finished $7.9 million lower than adopted estimates, the state general fund budget ended with expenditures approximately $27.2 million lower than budgeted. Sales and use tax, which is the state’s largest revenue source, finished $11.8 million below estimates but still grew 4.6 percent over the prior fiscal year.
The COVID-19 pandemic had a major impact on the working population but South Dakota is sitting quite well compared to the rest of the country.
Moving forward and looking out for our neighbors, the state is inviting Minnesota businesses to relocate to South Dakota with an aggressive ad campaign. As out-of-state businesses become more and more frustrated with overreach by their state governments, they’re turning to South Dakota.
“The number of new businesses interested in moving to South Dakota has increased dramatically. We’re ready to show these businesses what South Dakota can do for them,” said Governor Noem.
The campaign launched ads in Minnesota right before the July Fourth holiday and will continue through Labor Day. Watch the full promotional video touting South Dakota’s business climate at sdgoed.com.
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