South Dakota has ended the most recent fiscal year with an $80 million budget surplus.
State government spent $5 -million less than planned in fiscal year 2024, which ended on the first of July, and revenues finished well above forecast, according to a press release from Gov. Kristi Noem's Office.
By law, that surplus will be transferred to the states reserves, which now holds $322 million. Noem has voiced plans to use this money to offset the cost of prison construction costs.
“We will continue to budget responsibly for the people, and we will avoid unnecessary debt by using this surplus for prison construction costs," Noem said. "This will help South Dakotans keep more of their hard-earned money in their pockets.”
South Dakota has maintained its AAA credit rating and has a fully funded pension program, officials said.