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State ends fiscal year with $16 million surplus

South Dakota state government closed the 2018 budget year on June 30 with a $16.9 million surplus.


Gov. Dennis Daugaard says the state general fund budget for Fiscal Year 2018 ended with lower expenditures and higher revenues than budgeted.




Daugaard says collectively, the three branches of state government spent $10.7 million less than appropriated.





Other sources of revenue with notable increases were the insurance company tax, which saw a 9.3 percent increase, and lottery revenue, which grew 4.3 percent.





The combination of the General Revenue Replacement and Budget Reserve funds-- totaling $176.4 million-- represents a combined reserve of 11.1 percent of the total general fund budget for this past fiscal year.