New revenue projections adopted by SD 2014 legislature for FY14 and FY15 budgets:
$1,348,309,187—FY14 ongoing revenue estimate ($5.4 million less than Governor’s 12/3/13 budget estimate)
$1,391,836,433—FY15 ongoing revenue estimate ($1.9 million less than Governor’s 12/3/13 budget estimate)
The South Dakota budget revenue estimate is a moving target.
The first public estimate comes from the Governor’s December budget address released seven months before the budget year begins.
In the later part of the legislative session (late February or early March), the Joint Committee on Appropriations (JCA) adopts an official revenue projection for use in balancing the expenditures appropriated for the upcoming fiscal year.
After the fiscal year begins, midyear revisions are developed. The Governor includes a revised revenue estimate for the current year in the next December’s budget address. During legislative session, the JCA revisits the year-to-date performance of revenues and revises the official revenue projection.