BFM Releases Annual Comprehensive Financial Report

PIERRE, S.D. – Today, the Bureau of Finance and Management (BFM) released South Dakota’s Annual Comprehensive Financial Report (ACFR) for fiscal year 2022. The ACFR is the audited financial statements for state government and represents a cumulative effort of BFM, all state agencies, and the Department of Legislative Audit.

“This report once again represents South Dakota’s strong financial position and our continued commitment to all South Dakota residents,” said Governor Kristi Noem. “In the last four years, we made South Dakota’s finances stronger than ever. I look forward to building on this success in the next four years.”

Highlights from the fiscal year 2022 ACFR include:

-The State’s total net position (net worth) is $8.5 billion, an increase of 330.8 million from the prior fiscal year;

-The combined ending balance of the State’s reserves is $422.6 million, an increase of $115.5 million;

-The South Dakota Retirement System has a funded status of 100.1%, one of the only fully-funded pension plans in the nation; and

-The State has maintained its AAA public issuer rating from Standard & Poor’s, Fitch Ratings, and Moody’s for the past six fiscal years. This represents the highest rating possible from all three bond rating agencies.