A new report finds that South Dakota’s reserves increased 42% last year thanks to an influx of federal COVID-19 relief dollars.
The Bureau of Finance Management’s fiscal 2021 comprehensive financial report shows total reserves grew from $215.9-million to $307.1-million as the state took in $62 million dollars more than expected and spent $29.2 million less than budgeted.
Overall state revenue increased from $4.5 billion to $6.1 billion. A growing economy and the construction industry also contributed, but the biggest single boost came from $1.2 billion dollars in pandemic-related grants from the federal government.
South Dakota sent nearly $800-million in COVID funding to small businesses, local government, health care facilities, schools, and non-profit organizations with some also going directly to individuals for rental and mortgage assistance.