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Economists Predict Shorter State Revenue Than Anticipated

Associated Press0

PIERRE, S.D. (AP) — State economists predict South Dakota’s revenue collections next budget year will fall short of projections made when Gov. Dennis Daugaard proposed his state budget in December.

Economists for the governor’s budget office and the Legislature said Monday that ongoing state revenue from taxes and other general revenue is likely to be $9.4 million to $11.4 million below what the governor anticipated.

That will give the Legislature less money to spend in the roughly $1.4 billion general budget.

The Legislature’s Joint Appropriations Committee is expected to formally decide Wednesday how much can be spent in next year’s budget. The Legislature plans to pass that budget by Friday.

State Economist Jim Terwilliger says the forecast is down primarily because sales tax collections took a hit from lower spending in the farm sector.

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