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State Projects $4.6 Million More Revenue In 2016 Budget Year

Associated Press0

PIERRE, S.D. (AP) — South Dakota officials are predicting roughly $4.6 million in higher revenues for the current budget year than estimates lawmakers adopted during the legislative session.

State Economist Jim Terwilliger outlined the projections Tuesday at a legislative hearing.

The state anticipates stronger receipts in lottery, construction and insurance taxes, among others.

The gains are expected to offset projected reductions in other revenues including energy and telecommunications taxes and unclaimed property receipts.

The projected uptick for the 2016 fiscal year that began on July 1 comes after a $21.5 million budget surplus over March estimates for the previous budget year.

The new projections for the current budget cycle build on gains in the 2015 budget year in construction and insurance taxes.

State lawmakers approved a 2016 general fund budget of about $1.4 billion.

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