Gov. Daugaard Announces The Release Of The Fiscal Year 2018 CAFR

Statement

The State's Comprehensive Annual Financial Report (CAFR) for fiscal year 2018 is now available for the public to review. The South Dakota Bureau of Finance and Management (BFM) made the report public today, meeting its goal of a December release.

"The employees of BFM, the Department of Legislative Audit (DLA), and the accounting offices of all state departments have once again succeeded in the early completion of this year's CAFR. When I took office, we established a goal of completing the CAFR before December 31 of each year. Over time the CAFR has been issued earlier and earlier. This year's completion marks the third year in a row that the CAFR has been issued before December 31, and we have the hardworking employees of the State to thank for this accomplishment," Gov. Dennis Daugaard said.

The annual report includes the state government's complete financial statements for the primary government and its component units. DLA audits the basic financial statements and, for the 32nd consecutive year, has issued an unmodified "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 fiscal year 2018 CAFR include:

The State's total net position increased by $293.3 million.
The combined ending balance of the General Fund Budget Reserve and the General Revenue Replacement Fund was $176.4 million, an increase of $11.1 million.
The State has maintained its AAA public issuer rating from Standard & Poor's, Fitch Ratings, and Moody's for the past two consecutive fiscal years. This represents the highest rating possible from all three bond rating agencies.

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