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shop online at www.missourivalleyshopper.com July 18, 2017 • Page 3 The Direct Effects Of Financial Stewardship By Gov. Dennis Daugaard: As Governor of South Dakota, financial stewardship is one of my top priorities. When it comes to balancing the budget, managing the retirement system and maintaining our AAA credit ratings, I dive into the details. Although it may take time, responsible stewardship can bring financial rewards. The latest example of this can be found in South Dakota’s unemployment insurance trust fund. In 2004, the cost of our state’s unemployment benefits began to exceed normal revenue. Continuing on the same path would mean the trust fund would decline and eventually become insolvent. The Rounds Administration and the Unemployment Insurance Advisory Council addressed the problem by adopting a series of comprehensive solvency packages which began working to restore solvency. Then in 2008, the Great Recession arrived in full force. Thousands of South Dakotans lost their jobs and made claims for unemployment. Weekly benefit payments from the trust fund were unprecedented. The trust fund balance was dropping faster than any predictions. By the end of 2009, South Dakota was forced to obtain federal loans to make benefit payments. Emergency legislation was proposed during the 2010 Legislative Session which increased the taxable wage base SUMMER SA VINGS! through 2015, established higher tax rates for employers with negative account balances and raised the maximum shoes to boots tax rate to 9.5 percent. These reforms did the trick. In June 2010, the trust fund had steadily increased, and South footwear experts since 1915 Dakota was able to repay the federal loan of $24 million and start rebuilding. Four years later, the trust fund was back in a good position, so we brought legislation reducing employer taxes starting Jan. 1, 2015. Even with the reduction, the trust fund continued to grow at a steady pace. Recognizing the MEN’S & WOMEN’S Located in the need to plan for the future, the Advisory Council recommended that the unemployment trust fund be maintained at a level which could pay 19 months of benefits at the average highest cost rate. 312 W 3rd Street | Yankton As a result of this recommendation, last legislative session, the Legislature passed and I signed a bill to revise the OFFER VALID: 7/18/17 - 7/28/17 605.665.9092 current UI tax rates and provide a tax break to employers. Under this new law, employers receive a permanent tax break of 0.05 percent effective Jan. 1, 2018. This will save employers $2.3 million annually. Additionally, each year, if the trust fund balance on June 30 reaches the 19-month safety net threshold, employer tax rates will be reduced by another 0.1 percent. Based on the current balance of the trust fund, this means employers will save an additional $5 million for 2018. Through much diligence and ongoing evaluation, South Dakota’s unemployment insurance trust fund is healthier now than it has ever been. I thank the Advisory Council, the SD Department of Labor and Regulation, and legislators for advancing policies that have put the fund in this unprecedented condition. They recognize, as I do, that employers have enough hurdles in front of them and we should give them a break when we can. boston $10 OFF SANDALS erested in this spot? Don’s Dust Control INTERESTED IN THIS SPOT? Call 665-5884 to place your ad here. Always LOW Liquor Discounts! Miller High Life & Light all 665-5884 to e your ad here. www.missourivalleyshopper.com nterested in this spot? www.missourivalleyshopper.com www.missourivalleyshopper.com www.missourivalleyshopper.com • Horse Arenas • Private & Commerical Drives • Unpaved Roads • Grain Elevator Access • Free Estimates Find us on: Meridian District WE Buy Estates RIVERCITY Treasures & Pawn 301 E. 3rd Street, Yankton, SD Visit our Web site at www.missourivalleyshopper.com 30pks 15. $ 99 605-665-7865 109 W. 3rd St. in Downtown Yankton Web site at Visit our Wind or Hail Storm Damage? all 665-5884 to e your ad here. 605-491-2133 665-3588 Happy Birthday Harold Fischer Come help this old cowboy celebrate www.missourivalleyshopper.com 80 years! WE’VE GOT YOU COVERED Visit our Web site at www.missourivalleyshopper.com erested in his spot? all 665-5884 to ce your ad here. Visit our 605-857-1472 Web site at • Emergency www.missourivalleyshopper.com Repairs • FREE Inspections & Estimates • Licensed / Bonded / Insured 407 Ruth Street Yankton, SD Sunday, July 23 1pm - ??? 31578 Bluff Road, Vermillion We Take The PAIN Out of a PAINFUL Situation! CALL Our Team of EXPERTS Today! YOU NEED IT TODAY? NO PROBLEM! FAX IT 605-665-5882 216 W. 4th St. • YANKTON,SD 605-665-5884 Missouri Valley Shopper terested in this spot? ??????????????????????????????????????????????????? ??????????????????????????????????? 665-5884 to place your ad here. INTERESTED IN THIS SPOT? CALL 665-5884 TO PLACE YOUR AD HERE. www.missourivalleyshopper.com ????????????????????????? ???????????????? ??????????? ???? ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????????????????????????????? ????????????????????????? ???????????????????????????????? ?????????????????????????????????
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