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Committee recommends law to keep rainy day fund at 10% and require phased replenishment
Summary
House Bill 10 36 would codify a long-standing 10% target for South Dakota's combined budget reserve and general revenue replacement funds and require that any amount withdrawn be replenished in roughly equal thirds over the following three fiscal years; the committee recommended the bill for passage.
The Senate Appropriations Committee voted to give House Bill 10 36 a "do pass" recommendation after Bureau of Finance and Management officials described the measure as a way to enshrine the state's 10% rainy day policy into law and set a replenishment schedule if the funds are used.
Steven Collier of the Bureau of Finance and Management told the committee that the state's rainy day balance is…
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