The Joint Committee on Appropriations (JCA) now has an adopted a revenue target, the JCA estimates that the state will end the FY2020 at $1.707B in tax revenue, which is $12.6M more than was estimated when Gov. Noem delivered her budget address in December. In addition, the state is estimated to bring in $1.742B in tax revenue during the FY2021, which is $19.2M more than Noem’s budget estimate in December.
The JCA will now begin their work on finalizing the spending priorities of the legislature. The Appropriations Committees, of the House, Senate as well as the JCA will over the next four weeks hear all funding bills.
SD Bureau of Finance and Management (BFM) has worked up scenarios for Medicaid Provider Inflation, for a 1% Inflationary Update $4.5M from General Funds, while a 2% Inflationary Update is $9M in General Funds.