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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Dennis Daugaard
Office of Governor Dennis Daugaard
500 East Capitol Avenue
Pierre, SD 57501
Phone: (605) 773-3212
Fax: (605) 773-5844
http://www.state.sd.us/governor/
Jason Dilges, Commissioner
Bureau of Finance and Management
500 East Capitol Avenue
Pierre, South Dakota 57501
Phone (605) 773-3411
Fax (605) 773-4711
www.state.sd.us/bfm
bfminfo@state.sd.us
2012 Legislative Calendar: Regular Session convenes January 10 and adjourns mid March.
Legislative Budget Leaders:
Rep. Dean Wink (R), Chair, House Appropriations Committee; Vice-Chair, Joint Appropriations Committee, 605-985-5240
Rep. Lance Carson (R), Vice-Chair, House Appropriations Committee, 605-224-6877
Sen. Corey Brown (R), Chair, Senate Appropriations Committee; Chair, Joint Appropriations Committee, 605-769-0540
Sen. Larry Tidemann (R), Vice-Chair, Senate Appropriations Committee, 605-224-4200
Rep. Mark Willadsen (R), Chair, House Taxation Committee, 605-361-6104
Rep. Brock Greenfield (R), Vice-Chair, House Taxation Committee, 605-532-4088
Sen. Tom Hansen (R), Chair, Senate Taxation Committee, sen.hansen@state.sd.us 605-352-8480
Sen. Dan Lederman (R), Vice-Chair, Senate Taxation Committee, 605-232-0050
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the Comprehensive Annual Financial Report compiled by the state government, and click here for information on the state's pension liabilities.
South Dakota is required to pass a "balanced budget." Section 4-7-10 of the State law requires the budget report to include ways expenditures are supported by revenues. Section 4-8-23 requires the governor to keep expenditures in proportion to revenues throughout the fiscal year, so as not to result in state debt. South Dakota law forbids the carrying over of a deficit from one year to the next. It is difficult to determine if this law is followed, because the State does not budget revenues.
The State maintains several individual governmental funds, of which the major ones are: the General Fund, Transportation Fund, Social Services Federal Fund, Dakota Cement Trust Fund, and Education Enhancement Trust Fund. The budget is prepared principally on a cash basis. Three of the major funds are budgeted: the General Fund, the Transportation Fund, and the Social Services Federal Fund. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Medicaid :
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HEADLINES: South Dakota
South Dakota House rejects bill on Medicaid cuts
A bill seeking to soften the effects of budget cuts on most nursing homes and centers for the developmentally disabled has been killed by the South Dakota House at the request of its sponsor.
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HEADLINES: South Dakota
Daugaard tells supporters: Prepare for some tough decisions
Gov.- elect Dennis Daugaard said Wednesday that he is ready to make the tough financial decisions that South Dakota will need to bring the state budget back into balance.
- View All South Dakota articles
K-12 Education :
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HEADLINES: South Dakota
Gov. Dennis Daugaard signs $4 billion SD budget
South Dakota Gov. Dennis Daugaard signed into law Friday a $4 billion state budget that will begin to replace money cut a year ago for schools and medical services for poor people.
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HEADLINES: South Dakota, South Carolina, Rhode Island, Arkansas, Texas, Wyoming
States playing fast and loose with teachers' jobs money
Lawmakers gave cash-strapped states $10 billion last month to save 145,000 teachers' jobs. The funds were meant to reduce classroom crowding and restore programs lost to state budget cuts. But some governors have other ideas for the money, namely using the funds to close their budget shortfalls. Several are planning to reduce state aid to school districts by the amount they receive from the feds. Others are looking to use the money for school construction and improvements.
- View All South Dakota articles
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
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BLOG: Budget Processes and Systems, Federal Government Impact
The FEMA Disaster
Frozen funding, mismanaged distributions, and states' fiscal uncertainty relating to disaster relief is increasing frustration over the failed disaster management practices of FEMA-the need for reform is clear.
- View All Blog & Opinions
