MONEY

Dominoes begin to fall locally after state ed cuts

The deep cuts proposed by Gov. Dennis Daugaard and approved by the Legislature earlier this year may have solved South Dakota’s $127 million structural deficit in one fell swoop, but the dominoes have only begun to fall at the local level. The Mitchell School District is facing nearly $800,000 in cuts for the 2011-2012 school year as a result of the lost state funding, and some people are nervous.

By Ross Dolan , April 30, 2011

Officials say higher fuel prices help local tourism

High gas prices may actually bring more people to Mitchell, since shorter road trips may become more appealing. That’s the view of a pair of Mitchell tourism officials who discussed the rising price of fuel in light of the upcoming summer tourism season.

By Tom Lawrence , April 22, 2011

Owners of commercial properties seek lower valuations

Commercial landowners made up the largest group contesting 2011 property valuations at the courthouse Tuesday before the Davison County Board of Equalization at the courthouse in Mitchell. Several got relief from high assessments by proving that the income from their properties didn’t justify 2011’s higher assessed values.

By Ross Dolan , April 20, 2011

Opinion: Let us count the ways state treasury turned so red

There are many explanations why South Dakota’s state government wound up in such a deep budget hole that 10 percent cuts became necessary. Let’s look at four programs, added in the past 15 years, that gradually grew to more than $20 million annually in additional spending, without any new sources to support them. None was previously necessary, until a governor and legislators said so. Yet every one of them now seems to be politically untouchable: Subsidies to ethanol plants, bigger retirement benefits for public employees, college scholarships and financial paybacks to big business projects.

By Bob Mercer , April 18, 2011

Corn at $7, weather favorable as farmers prepare to plant

As many farmers prepare to plant corn this month, prices at elevators in Mitchell are around $7 per bushel, which is about $4 higher than they were at this time last year. South Dakota Corn Growers Executive Director Lisa Richardson attributed a large part of the run-up to rampant market speculation.

By Ross Dolan , April 07, 2011

Fundraising is key for Dems, new leader says

The South Dakota Democratic Party must raise and spend more money to become competitive in races across the state, according to its new chairman and executive director. Ben Nesselhuf, who holds both jobs for the party, said money was a primary focus during a recent meeting in Oacoma.

By Tom Lawrence , March 26, 2011

Mitchell's jobless rate rises above 5 percent

Mitchell’s unemployment rate is above 5 percent for the first time in nearly a year, but a report with the data says employment fluctuations are a normal part of the economic recovery. According to data released Friday morning by the state Department of Labor, the city’s February unemployment rate was 5.2 percent. That matches the unemployment rate from last March and is the highest rate since then. It’s the city’s third consecutive month of rising unemployment.

By Seth Tupper , March 26, 2011

Wess. Springs students use sales on eBay as fundraisers

WESSINGTON SPRINGS — What began as a class project has become the passion of one Wessington Springs High School student.
Lauriann Schimke, 18, is coordinating a project that takes items donated to the town’s consignment store and sells them on eBay, a popular online auction site. What would have normally fetched a couple of dollars at the Springs Area Community Club Consignment Store could net a substantial profit, Schimke said.

By Austin Kaus , March 11, 2011

Gas prices, jobless rate both up locally

Mitchell was hit with a double dose of bad economic news Friday as the average gas price in the city hit $3.479 and the unemployment rate spiked to 4.9 percent. The average gas price is about 20 cents higher than a week ago. The unemployment rate — which covers the month of January but was just released Friday — is up 0.8 percentage points from the previous month.

By Seth Tupper , March 05, 2011

Adding up the cost of college athletics

Since South Dakota State University began its transition to the NCAA Division I level six years ago, the university has undergone many changes. One of the biggest is the amount of money flowing through the university’s athletic programs. According to the university’s records, the Brookings institution made revenue of about $700,000 from gate receipts and guaranteed money for football and men’s and women’s basketball during the 2004-05 school year, the school’s first year of transition to D-I.

By Travis Mester , February 26, 2011

Indians pose questions, listen to lawyers at trust fund settlement meeting in Mission

MISSION — Decades of mistreatment can’t be fixed with money, American Indians at a meeting to discuss a tentative $3.4 billion settlement agreement with the federal government said Wednesday night.
But receiving some money would heal some wounds over money stolen or lost from Indian trust funds since the Dawes Act was passed in 1887, they said.

By Tom Lawrence , February 24, 2011

Medicaid cut amounts to elderly tax, official says

A local elderly care official thinks proposed state cuts to Medicaid funding will adversely affect long-term care and amount to a tax on the elderly. Veronnica Smith, administrator of Avera Brady Health and Rehab and Avera Brady Assisted Living in Mitchell, said she understands Gov. Dennis Daugaard’s budget reduction goals. But she thinks the proposed across-the-board cuts of at least 10 percent to all state programs would disproportionately affect the elderly in long-term care programs, and force nursing home providers to make up budget shortfalls by charging higher rates to private-pay patients.

By Ross Dolan , February 05, 2011

Mitchell has largest sales tax gain of top S.D. cities

Mitchell had the largest increase on sales tax revenue of the state’s 10 largest cities.
Mitchell saw a jump of 4.9 percent from 2009 to 2010, according to a report from the state Department of Revenue & Regulation.

By Staff reports , February 03, 2011

Jobless rate above 4 percent in Mitchell

Mitchell’s unemployment rate shot above 4 percent in December after six straight months below the 4 percent mark.
And that’s normal, according to the state Department of Labor.
According to a DOL report, Mitchell’s jobless rate was 4.1 percent in December. It was 3.5 percent in November, which tied the city’s lowest rate since 2008.

By Tom Lawrence , February 01, 2011