The state of South Dakota has $322.7 million in budget reserves.
That’s according to an annual comprehensive financial report released by the Bureau of Finance and Management on Tuesday.
The state’s net position—or value of its assets—is nearly $10 billion. That’s an increase of 7.2 percent, or $667 million dollars.
Over $7 billion of that is in capital assets. The rest may be used to meet the government’s ongoing obligations.
The state will maintain its AAA bond rating by Standard and Poor’s, Fitch Ratings and Moody’s—a rating the state has held for eight fiscal years.
The state also has set aside $612.5 million for the Incarceration Construction Fund to build a new men’s prison facility near Sioux Falls. The state received a final cost estimate for the project at $825 million.
In December, Gov. Noem proposed how to finish paying for the prison. Construction of the facility still requires legislative approval.
The next legislative session starts on January 14.
