PIERRE, S.D. – Governor Kristi Noem announced today that South Dakota concluded the 2024 budget year with a surplus of $80.7 million. Echoing last year's approach, Governor Noem confirmed plans to allocate the surplus towards covering the expenses of prison construction.

“South Dakota makes prudent decisions rooted in principles of limited government, low taxes, and living within our means. We don't just advocate for fiscal responsibility – we deliver on it!” Governor Noem emphasized. “Our commitment remains steadfast in budgeting responsibly for our citizens, utilizing this surplus to fund prison construction costs, thereby allowing South Dakotans to retain more of their hard-earned income.”

Government expenditures for fiscal year 2024 totaled $56.4 million below the allocated budget, while total revenue surpassed the legislative forecast by $24.3 million.

South Dakota maintains a AAA credit rating and stands out as one of the few states with fully funded pensions. Additionally, it boasts the lowest unemployment rate in the nation.

By statute, the surplus from fiscal year 2024 has been transferred to the state’s budget reserves, which now amount to $322.8 million, equivalent to 13.3% of the fiscal year 2025 general fund budget.