FOR IMMEDIATE RELEASE 

July 15, 2024 

Contact: Ian Fury 

South Dakota Ends Fiscal Year with $80 Million Surplus

PIERRE, S.D. – Today, Governor Kristi Noem announced that South Dakota closed the 2024 budget year with a surplus of $80.7 million. As she did last year, Governor Noem announced her intention to set aside the surplus to offset the cost of prison construction.

“South Dakota makes common sense decisions based on small government, low taxes, and spending within our means. We don’t just talk about fiscal responsibility – we follow through!” said Governor Noem. “We will continue to budget responsibly for the people, and we will avoid unnecessary debt by using this surplus for prison construction costs. This will help South Dakotans keep more of their hard-earned money in their pockets.”

State government spent $56.4 million less than appropriated in fiscal year 2024, with the total revenue finishing above the legislative adopted forecast by $24.3 million.

South Dakota maintains a AAA credit rating and is one of the only states with a fully-funded pension. South Dakota also has the lowest unemployment rate in America.

By law, the fiscal year 2024 surplus was transferred to the state’s budget reserves. The state’s reserves now total $322.8 million or 13.3% of the fiscal year 2025 general fund budget.

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