Officials optimistic on the economy of South Dakota
RAPID CITY, S.D. (AP) - Video Lottery dropped revenue and growth in other income of the state has slowed, but the government remains optimistic about the economic officials of South Dakota.
“Overall, compared to many other countries, I think we are in great shape,” said Jim Terwilliger, the Office of Finance and the management of public debt in the government.
For the greater part of South Dakota has avoided the deepest wounds of a national system credit crunch, a decline of values in housing construction and distribution, and reduction of corporate profits.
“We have from the very first day, said that in South Dakota, because we have an ag-and because we are a little more conservative than in other countries, we do not go up or down low, as soon as some of the other states in the mandate of our revenue, “said Gov. Mike Rounds Rapid City Journal.
Revenue from the sales of state and taxation of the farm, which represents over 56 percent of current income and the State General Fund, appears to be a slow December.
The revenue from the consumption tax is an indicator of construction and restructuring of the event for businesses and households in the country, have slowly. For example, revenue from the state of 2.5% of the tax on insurance premiums. Even those who both continue to grow, even if slowly.
Revenues from the distribution and use of state taxes grew by 3.7% in December, which were well below expectations in a month, the Christmas shopping. The state budget office was on the lookout for growth of 8%, hope is based on much of the raw material prices in general, and a fruitful harvest.
When growth was less than half of Hope, the legislature asked races to be cautious state dollars to stop spending in the long term.
Revenue from sales and use taxes in January to 6.3 percent. The governor’s budget staff expects revenue from the tax growth of 7.1 percent for the full year at 30 late June.
Video Lottery is virtually the only major state revenue sources in his verkrüppelten growth. The turnover has not increased in two years, shows signs of a slight drop in early 2008.
Fred Schoenfeld, chief analyst for the financial year Legislative Research Council, is not surprised.
“My theory is that man, the disposable income has increased its desire to cash in Video Lottery has decreased,” said yet. “He was going to fill a car with gas and buy a pack of cigarettes, drink beer, play video lottery. Well, over time you buy your cigarettes , and the gas tank at the you ‘ve got nothing left. ”
From video lottery is a curriculum called “mature industry”, which may no longer be able to inflation, growth has enabled affiliation in the past. The state of the diversification of VAT, food and clothing, is able to inflation, as it is to many needs, said the curriculum.
The Internal Revenue Service, South Dakota has received approximately $ 300 million by the economic incentive designed by President Bush and Congress.
Questions of general usefulness of the addition of $ 200 million to $ 400 million in an economy with a gross domestic product of $ 32 billion.
“This is an incidence of 1 percent,” he said. “And if it is, for credit cards or accounts control of the debt, I think the jury is still no.”
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