South Dakota Releases Comprehensive Annual Financial Report


Article Body

            Office of Gov. Dennis Daugaard

500 E. Capitol Ave.

Pierre, S.D. 57501

605-773-3212

www.sd.gov

 

 

 

 

FOR IMMEDIATE RELEASE:  Friday, February 27, 2015

CONTACT:  Jason Dilges, Bureau of Finance and Management, 605-773-3411

                                   

 

South Dakota Releases Comprehensive Annual Financial Report

 

PIERRE, S.D. – Gov. Dennis Daugaard today announced the Bureau of Finance and Management’s release of the South Dakota Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2014.

 

“Improving our state’s financial practices is one of my highest priorities,” said Gov. Daugaard. “My first year in office, the CAFR was not issued until June. I’m confident the timelier release of this report combined with the recent implementation of long-term financial plans and debt limitations will institutionalize our state’s strong financial practices for generations to come.”

 

The annual report contains state government’s complete financial statements and other financial information. Each year, the Basic Financial Statements are audited by the Department of Legislative Audit. This week the Bureau’s CAFR received an unqualified “clean” opinion for the 28th consecutive year.

 

Also contained in the report is information about the state’s economic conditions and outlook, the profile of the government, major initiatives, and a financial analysis of the state’s funds. Those topics can be found in the Letter of Transmittal and Management’s Discussion and Analysis.

 

Highlights reported in the FY2014 CAFR include:

 

  • The state’s total net position increased by $347.8 million, or 6.3 percent from the prior year.
  • The state’s governmental funds reported combined ending fund balances of $1.8 billion, an increase of $130.1 million, or 7.7 percent from the prior year.
  • At the end of the fiscal year, the General Fund had a fund balance of $320.3 million. 
  • Proprietary funds reported net position at year-end of $633.6 million, an increase of $67.7 million, or 12 percent from the prior year.
  • During the fiscal year, the state paid off $54.8 million of bond debt for the primary government and Higher Education (a discretely presented component unit).

 

The CAFR can be viewed online at http://bfm.sd.gov/cafr/SD_CAFR_2014.PDF or for printed copies, please contact the Bureau of Finance and Management at 605-773-3411.

           

 

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