Sioux Falls banks another $7.6M in city reserves

City Hall has 'hill to climb' in absorbing 2023 sales tax revenue shortfall

Photo by Alexander Grey on Unsplash

The amount of dollars held in reserve by the city of Sioux Falls hit another record high last year despite sales tax revenues coming in under expectations.

The Sioux Falls Finance Department unveiled its 2023 year-end report on Tuesday, showing City Hall has $86 million in reserves, a $3.2 million increase from where it ended 2022.

Assistant Finance Director Tom Huber said in total, the city banked $7.6 million new dollars into the fund, while some reserve funds were expended last year with budget adjustments like the Sixth Street bridge project and a costlier-than-expected 2023 snow removal season.

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