South Dakota ended Fiscal Year 2025 with a $63 million surplus—marking the fourth consecutive year of declining surpluses. Governor Larry Rhoden remains optimistic, framing the slowdown as a return to typical economic growth following record-breaking years and attributing the stability to conservative financial policies.
During a visit to fermentation-tech company Houdek in Volga, Rhoden praised the state’s industrial output and emphasized South Dakota’s pro-business stance, including its lack of corporate and personal income tax and upcoming property tax cuts.
Despite creative revenue strategies involving multiple trust funds, the state’s largest revenue source—sales tax—fell short by $3.7 million. Rhoden noted the state remains committed to responsible governance while adjusting to more modest economic conditions.
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