BFM Releases Annual Comprehensive Financial Report

Article Body


December 29, 2023

Contact: Colin Keeler


BFM Releases Annual Comprehensive Financial Report


PIERRE, S.D. – Today, the Bureau of Finance and Management (BFM) released South Dakota’s Annual Comprehensive Financial Report (ACFR) for fiscal year 2023. The ACFR is the audited financial statements for state government and represents the collective effort of BFM, state agencies and the Department of Legislative Audit.


“South Dakota is financially strong, and this report reflects that. We are continuing to reap the benefits of our conservative management principles and investment in our future,” said Governor Kristi Noem. “As Governor, I will continue to invest in our kids and grandkids, and I will work to build a stronger workforce to grow our state’s economy for the future.”


Highlights from the fiscal year 2023 ACFR include:


  • The State’s total net position (net worth) is $9.2 billion, an increase of $726.0 million from the prior fiscal year.
  • The South Dakota Retirement System has a funded status of 100.1%, one of the strongest pension systems in the nation.
  • Increased investments to modernize South Dakota’s correctional infrastructure and avoid debt. As of June 30, 2023 the Incarceration Construction Fund current balance is $365.6 million.
  • The State has maintained its AAA public issuer rating from Standard & Poor’s, Fitch Ratings, and Moody’s, which represents the highest rating from each rating agency. 


The ACFR can be viewed online at, or for printed copies, contact BFM at 605-773-3411.