$7M Tag, Safety Valve Added To SD Development Plan
by Associated Press
March 07, 2013 10:07 AM
A comprehensive bipartisan economic development plan headed to floors of the South Dakota House and Senate now contains a $7 million appropriation and a safety valve to halt spending if times are tough.
A negotiating committee made the changes Thursday during the penultimate day of South Dakota's main legislative session. Both the House and Senate must concur.
The changes kick-start the effort with $7 million from the state's general fund and add a clause that would withhold spending if projected ongoing revenues would be insufficient to fund education, Medicaid and state employee costs.
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.