The governor must submit the annual budget to the state legislature by 1 December; the fiscal year begins the following 1 July. The legislature may amend the budget at will, but the governor has an item veto.
The governor's 2000/01 South Dakota State budget totaled $2.26 billion, with $769 million in general funds and $880 million in federal funds. Approximately $536 million was set aside for personal services, and $1.7 billion for operating expenses. In 2000/01 general fund revenues came in over target, at $814 million, to cover expenditures of $803 million. In 2001/02, general fund revenues increased to $843 million, but expenditures climbed faster, to $850 million. The state transferred $13.3 million from the Budget Reserve Fund (South Dakota's rainy day fund) and made other fund transfers to close the budget gap. In 2002/03, however, the gap widened, as general fund revenues of $865 million were matched with general fund expenditures of $886 million. Again, the South Dakota's budget deficit for 2003 was estimated at 4.1% of the state budget, and for 2003/04 was projected at 6.4% of the state budget. In 2000/01, South Dakota had a starting balance equal to 18.8% of expenditures. For 2003/04, the starting balance is at 10.3% of projected expenditures.
The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
($000) | PERCENT | PER CAPITA | |
Population (thousands, 2001) | 758 | (X) | (X) |
Total Revenue | 3,170,959 | 100.00 | 4,183.32 |
General revenue | 2,584,159 | 81.49 | 3,409.18 |
Utility revenue | – | – | – |
Liquor store revenue | – | – | – |
Insurance trust revenue | 586,800 | 18.51 | 774.14 |
Exhibit: Salaries and wages | 428,462 | 15.93 | 565.25 |
Total expenditure | 2,690,165 | 100.00 | 3,549.03 |
General expenditure | 2,491,580 | 92.62 | 3,287.04 |
Education | 734,750 | 27.31 | 969.33 |
Public welfare | 553,651 | 20.58 | 730.41 |
Hospitals | 43,589 | 1.62 | 57.51 |
Health | 67,183 | 2.50 | 88.63 |
Highways | 459,212 | 17.07 | 605.82 |
Police protection | 18,999 | 0.71 | 25.06 |
Correction | 66,745 | 2.48 | 88.05 |
Natural resources | 96,869 | 3.60 | 127.80 |
Parks and recreation | 24,075 | 0.89 | 31.76 |
Government administration | 100,810 | 3.75 | 132.99 |
Interest on general debt | 124,145 | 4.61 | 163.78 |
Other and unallocable | 201,552 | 7.49 | 265.90 |
Utility expenditure | – | – | – |
Liquor store expenditure | – | – | – |
Insurance trust expenditure | 198,585 | 7.38 | 261.99 |
Debt at end of fiscal year | 2,215,512 | 100.00 | 2,922.84 |
Cash and security holdings | 7,712,237 | 100.00 | 10,174.46 |