When I discovered (and reported) this week that Gov. Kristi Noem is using the Future Fund to pay for Friday's fireworks display at Mount Rushmore, I wanted to learn more about the purpose of the fund.
I eventually stumbled upon a 2005 issue memorandum by the Legislative Research Council. The memorandum quoted from the late Gov. George Mickelson’s 1987 State of the State Address, in which he proposed the creation of the fund.
The memorandum said the fund was part of Mickelson’s vision for economic development in South Dakota.
Here's an excerpt from that memorandum, where it explains Mickelson's idea for the Future Fund:
"It was to be 'an investment in South Dakota’s future … for long-term investments ... for building the infrastructure [emphasis added].'
"Mickelson emphasized the political risks of, but also the need for, long-term investments. 'Often politicians are attracted to short-term programs so that by the next election they might be able to point back and look at benefits or look at results. The courageous politicians are people who are willing to look at the long-term and make a long-term investment in what we believe is right.'"
I wondered if we at SDPB had video or audio of that 1987 speech. Luckily for me, our own Brad Van Osdel found it.
Mickelson spent the final 12 minutes of that speech talking about his plan and purpose for the Future Fund. Click below to watch and listen.