(The South Dakota) - South Dakota ended fiscal year 2022 with $72.3 million more revenues than estimated and $43.2 million less than budgeted, Gov. Kristi Noem said Monday. 

The state will move the $115 million in savings to the state's budget reserves, which is required by law, according to the governor. That brings the reserve fund balance to $422.6 million which is 20.5 percent general fund budget for fiscal year 2023. 

“We must remain cautious and conservative due to 40-year highs in inflation caused by the Biden Administration’s heavy spending and regulation,” Noem said in a press release.  “However, we are prepared to weather any economic storm thanks to our structurally balanced budget, fully funded pension, and strong reserves.”

The highest revenue growth was in the state's sales and use tax, which was $36.6 million above estimates, Noem said. 

“South Dakota has the strongest economy in America and a strong financial position to match,” said Governor Noem. “We live within our means and operate government conservatively. Low regulation, low tax burden and business friendly policies are still the recipe for economic success.”