Now that federal stimulus dollars are running out, Kristi Noem’s “Strongest Economy In The Nation™” is going to see sales and use tax and total general fund revenues drop 1.5% from this fiscal year to FY2023. So says the Bureau of Finance and Management in its revenue projections presented yesterday to Joint Appropriations:
The state is still going to pull in 2.82% more money in FY2022 and 1.34% more money in FY2023 than Noem predicted in her December budget address:
Appropriations member Representative Chris Karr wants to gamble that we can squeeze one more banner year out of the Biden bucks and budget for $92 million more in FY2023 than the Governor’s original recommendation rather than BFM’s projected $27 million more. But as BFM told Joint Appropriations yesterday, the record increases in revenue that the state has seen during the coronavirus pandemic are “not sustainable” “as direct federal stimulus to consumers fades.”
Gee, you’d think the “Strongest Economy in the Nation™” wouldn’t need Uncle Sam to sustain its growth.