PIERRE, S.D. (Dakota News Now) – According to a press release from the Governor’s office, the 2022 fiscal year was one of growth for the state.
ACFR, the audited financial statement for state government, is a combined effort of BFM and all state agencies as well as the Department of Legislative Audit.
“This report once again represents South Dakota’s strong financial position and our continued commitment to all South Dakota residents,” said Governor Kristi Noem. “In the last four years, we made South Dakota’s finances stronger than ever. I look forward to building on this success in the next four years.”
Highlights of the fiscal year 2022 ACFR are:
- The State’s total net position (net worth) is $8.5 billion, an increase of 330.8 million from the prior fiscal year;
- The combined ending balance of the State’s reserves is $422.6 million, an increase of $115.5 million;
- The South Dakota Retirement System is fully funded at 100.1%. It is one of the few pension plans that is fully funded in the country.
- The State has maintained its AAA public issuer rating from Standard & Poor’s, Fitch Ratings, and Moody’s for the past six fiscal years. This is the highest possible rating from all three bond rating agents.
The ACFR can be viewed online at https://bfm.sd.gov/ACFR/, or for printed copies, contact BFM at 605-773-3411.
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