What Would You Do With An $86 Million Surplus?
There are so many ways to spend the extra money and yet so many ways to spend it foolishly. Given the recent report that South Dakota now has a healthy cash surplus it conjures up just what would, or better yet, should we do with that surplus?
In a release on Monday, Governor Kristi Noem announced that South Dakota closed the 2021 budget year on June 30 with a surplus of $85.9 million. The state general fund budget ended with expenditures approximately $23.9 million lower than budgeted.
“Our economy continues to be the strongest in America. Our low unemployment rate, strong labor force recovery, and terrific tourism numbers are generating historic revenues for the state.”
And while we continue to pat ourselves on the back, promote that we are an open state, and not lower ourselves to the standards of others, South Dakota continues to grow with worldwide recognition that attracts new business.
So where is this money going? By law, the fiscal year 2021 surplus of $85.9 million was transferred to the state’s budget reserves. Which now totals $301.8 million.
"Live like no one else, so you can live like no else" ~ Dave Ramsey