Economic Development Fund Could Get $7M Kick Start

by Associated Press
March 06, 2013 5:05 PM


A proposed change to a comprehensive bipartisan economic development plan would kick start the effort with $7 million from the state's general fund.
 
Building South Dakota would be funded on an ongoing basis by a portion of the contractors' excise tax collected on large projects and some of the unclaimed property that the state receives from abandoned bank accounts.
 
Senate President Pro Tem Corey Brown says much of the bill's funding wouldn't kick in until the next fiscal year or later, and the one-time money will help get it started.
 
Brown says another major change would add a safety valve, withholding spending if projected ongoing revenues would be insufficient to fund education, Medicaid and state employee costs.
 
A negotiating committee plans to consider the proposed changes Thursday morning.