Dilges Recaps Governor Daugaard's Budget Address
On Tuesday, Governor Dennis Daugaard delivered his plan for fiscal year 2015, which includes millions of what leaders call – unexpected money. Daugaard says a portion of $136 milion dollars in one-time money needs to apply to the current fiscal year to address amendments and special appropriations. That leaves him with $118 million for the next budget. $30 million of the one-time money comes in the form of unclaimed property. The governor says it makes sense to use one-time dollars to pay off higher-interest bonds. He says it doesn’t affect the state’s net worth, but it does save more than 6 million dollars each year and more in future fees. The other way Daugaard plans to free up money in the general fund is to use one-time money to fund the new Building South Dakota fund. Under the governor’s financial suggestions, the Board of Regents gets a 2.6 percent increase to freeze tuition for in-state, on-campus college students. South Dakota’s K-12 and technical schools get a three percent boost. Daugaard also suggests a 3 percent cost-of-living increase for state employees. Now lawmakers and researchers take Governor Dennis Daugaard’s budget proposal and analyze it, before they begin work on their vision for the state’s finances when the 20-14 legislative session begins next month. Jason Dilges, South Dakota's chief financial officer and Commissioner of the State's Bureau of Finance and Management, discussed the budget plan.