South Dakota ends 2018 budget year with $16.9M surplus

PIERRE, S.D. (AP) - Gov. Dennis Daugaard's office says South Dakota has ended the 2018 budget year with a surplus from lower-than-expected state spending and tax collections that topped officials' projections.

The governor's office said Monday the state finished the budget year with $16.9 million more than anticipated, marking South Dakota's seventh straight year of surplus. The 2018 fiscal year ended June 30.

The governor's office says the state collected $6.2 million more than expected and spent $10.7 million less than budgeted. The $16.9 million surplus went to budget reserves, which now total $176.4 million.

Daugaard says finishing the year with a surplus puts South Dakota's budget in a positive position as the state starts the 2019 budget year.

Ongoing general fund receipts totaled roughly $1.59 billion. South Dakota's biggest revenue source is sales tax.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)