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South Dakota 2010 state budget

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Note: This article was last updated in 2010. Click here for more recent information on state budgets and finances.


Introduction

See also: South Dakota state budget and finances

Find the state’s FY2010 Comprehensive Annual Financial Report (CAFR) compiled by the state government here.

South Dakota ended FY 2009 on June 30, 2009 with a General Fund shortfall of $1.364 million. .[1] [2][3]

Gov. Rounds recommended a FY 2010 total budget of $3.6 billion with a $1.2 billion General Fund budget, $58 million above FY 2009's actual General Fund figure.[4]The South Dakota Legislature approved a FY 2010 total budget of $3.945 billion, with a General Fund budget of $1.134 billion. [5]

Sales tax collections, which account for more than half the state's general fund revenue, totaled to $642.8 million for the year, a drop of 2.4% from the previous year, and general tax receipts declined $31 million from FY2009.[3]

2010

South Dakota had a total state debt of $803,305,005 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[6]

2010 State spending & deficit in billions[7]
Total spending Pension Healthcare Education Welfare Protection Transport Deficit Budget gap
$3.23 $0.32 $0.85 $0.69 $0.37 $0.22 $0.4 $3.8 $0.04
2010 Local spending & deficit in billions[7]
Total spending Pension Healthcare Education Welfare Protection Transport Deficit
$3.14 $0.2 $0.1 $1.36 $0.06 $0.24 $0.38 $2.4

Budget background

FY 2009 Budgeted FY 2010 Appropriated
General $1.154 billion $1.134 billion
Federal $1.556 billion $1.859 billion
Other $963 million $951 million
Total $3.673 billion $3.945 billion[8]

South Dakota's fiscal year begins July 1 and ends June 30 of the following year. State law requires annual preparation and approval of the state's budget and according to the State Constitution, the budget was required to be balanced before approval. The Governor presents the annual budget to the Legislature by the first Tuesday following the first Monday in December. Both the House and the Senate were then required to approve a budget by the end of the legislative session. The Governor had the power to veto individual line items in the budget approved by the legislature.[9]
Throughout the fiscal year the state budget must remain in balance and state agencies were not allowed to request additional funds. However, the commissioner of the Bureau of Finance and Management had the authority to authorize intradepartmental transfers of funds so long as the total spending levels were not exceeded. Transfers must first be accepted by the legislature's Interim Appropriations Committee.[9]

Budget figures

The following table provided a history of South Dakota's expenditures and gross domestic product (GDP).

Fiscal Year Expenditures (billions) GDP (billions)
2000 $3.8[10] $23.1[10]
2001 $4.0[10] $23.9[10]
2002 $4.3[10] $26.4[10]
2003 $4.4[10] $27.4[10]
2004 $4.6[10] $29.5[10]
2005 $5.0[10] $30.5[10]
2006 $5.2[10] $32.0[10]
2007 $5.4[10] $33.9[10]
2008 $5.7[10] $36.0[10]
2009 $6.0*[10] $38.1*[10]

Accounting principles

The South Dakota State Auditor is an elected position and constitutionally independent officeholder who performs pre-audits and performance audits of all state government agencies. Richard Sattgast had held the office since first elected in 2002.[11]

The South Dakota Department of Legislative Audits (DLA) performs financial and compliance audits of state agencies and local governments including the following types of entities:[12]

  • State Agencies
  • Universities
  • Authorities
  • Counties
  • Municipalities
  • School Districts
  • Townships

The DLA publishes its audit reports online. Martin L. Guindon was Auditor General of the DLA.[13][14]

Credit Rating Fitch Moody's S&P
South Dakota[15] NR NR AA

See also:

Footnotes

  1. ↑ South Dakota Legislative Research Council, "General Fund Revenue Report," July 31, 2009
  2. ↑ The Daily Republic "Governor comes to Mitchell, discusses state’s fiscal situation" Aug. 4, 2010
  3. ↑ 3.0 3.1 Businessweek "Governor said SD budget balanced at end of year" July 16, 2010
  4. ↑ ''South Dakota Bureau of Finance and Management, "Governor's Revised Recommended FY 2010 Budget," January 27, 2009
  5. ↑ South Dakota Bureau of Finance and Manage ment, "State of South Dakota Budget in Brief Fiscal Year 2010," July 1, 2009
  6. ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
  7. ↑ 7.0 7.1 USA Spending, State Guesstimated* Government Spending
  8. ↑ South Dakota Bureau of Finance and Manage ment, "State of South Dakota Budget in Brief Fiscal Year 2010," July 1, 2009
  9. ↑ 9.0 9.1 State of South Dakota, "Budget Overview," accessed March 25,2009
  10. ↑ 10.00 10.01 10.02 10.03 10.04 10.05 10.06 10.07 10.08 10.09 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 10.18 10.19 US Government Spending, "South Dakota State and Local spending," accessed March 25,2009
  11. ↑ The South Dakota State Auditor Web site, accessed November 12, 2009
  12. ↑ South Dakota Department of Legislative Audits Web site, accessed November 12, 2009
  13. ↑ South Dakota Department of Legislative Audits Web site, accessed November 12, 2009
  14. ↑ audit reports
  15. ↑ State of Indiana, “State Credit Ratings-as of June 24, 2009"
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