In good news (unless you’re a consistent Libertarian), South Dakota state government took in a little bit more money than expected in July. According to the first monthly general funds receipts report of the new fiscal year, South Dakota took in 0.38% more cash than the Legislature said was necessary and 2.9% more than it did last July:
The good fiscal news comes mostly from $93.1 million in sales tax, 4.5% more than the Legislature expected and 5.6% more than the July 2016 count. The $4.01 million in above-expectations sales tax was enough to erase all of the deficit categories—contractor’s excise tax, insurance company tax, unclaimed property, license permits and fees, net transfers in, charges for goods and services, and bank franchise tax. (The $416K bank franchise tax deficit was due to “an accounting error”—hee hee!)
We also picked up $1.1 million from mineral severance taxes, more than twice as much as we expected for the month. Someone must be digging up more oil and gold!