The South Dakota Bureau of Finance Management has released a report highlighting a robust fiscal year, with Commissioner Jim Terwilliger attributing the success to the state spending less than it received.
The report reveals revenues of around $6.5 billion and expenses of $5.7 billion, resulting in excess funds used to support various initiatives, including elderly care, education, and infrastructure projects. Terwilliger addresses criticism of a proposed men’s state prison, explaining the creation of an Incarceration Construction Fund.
The report also underscores South Dakota’s AAA credit rating, signifying high creditworthiness and leading to lower interest rates on current and future debts.