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Governor Kristi Noem and BFM Release Comprehensive Annual Financial Report





1/4/2021

PIERRE, S.D. – Today, Governor Kristi Noem and the Bureau of Finance and Management (BFM) released the State’s Comprehensive Annual Financial Report (CAFR) for fiscal year 2020. The CAFR is the audited financial statements for the state government.

 

“2020 presented unique challenges for everyone, including our state government. In South Dakota, we saw this challenge as an opportunity to maintain our fiscal integrity,” said Governor Noem. “Our culture of financial stability has proven once again that South Dakota is prepared for the best and worst of times.”

 

Once again, BFM, the Department of Legislative Audit, and other state agencies succeeded in issuing the CAFR by the end of the year. Highlights from the fiscal year 2020 CAFR include:

  • The State’s total net position (net worth) is $7.4 billion – an increase of $371.9 million.
  • The combined ending balance of the Budget Reserve and the General Revenue Replacement Fund was $215.9 million, an increase of $26.8 million.
  • The State has maintained its AAA public issuer rating from Standard & Poor’s, Fitch Ratings, and Moody’s for the past four fiscal years. This represents the highest rating possible from all three bond rating agencies.

 

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