Gov. Daugaard Announces Earliest CAFR Release In 20 Years

 

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Gov. Daugaard Announces Earliest CAFR Release In 20 Years

PIERRE, S.D.  – The state Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2016 is now available for the public to review. The South Dakota Bureau of Finance and Management made the report public on Friday, meeting its goal of a December release.

“I commend BFM for the earliest CAFR release in 20 years. Since my first year in office, the hardworking staff at Finance and Management has accelerated the release date of this report by 6 months,” Gov. Dennis Daugaard said.

The annual report includes state government’s complete financial statements. The Department of Legislative Audit audits the basic financial statements and, for the 30thconsecutive year, Legislative Audit issued an unqualified “clean” opinion on the CAFR.

Also contained in the report is information about the state’s economic conditions and outlook, the profile of the government, major initiatives, and a financial analysis of the state’s funds. A discussion of those topics can be found in the “Letter of Transmittal” and “Management’s Discussion and Analysis.”

Highlights from the FY2016 CAFR include:

·         The state’s total net position increased by $91.8 million, or 1.5 percent from the prior year.

  • The state reported a net pension asset of $95.2 million at the end of the fiscal year.
  • At the end of the fiscal year, the general fund had a fund balance of $309.5 million. 
  • Proprietary funds reported net position at year-end of $719.6 million, an increase of $24.5 million, or 3.5 percent from the prior year.

The CAFR can be viewed online at bfm.sd.gov/cafr, or for printed copies, contact the Bureau of Finance and Management at 605-773-3411.

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