RAPID CITY, S.D. – In a significant stride toward increasing economic transparency and development, South Dakota’s Governor Larry Rhoden signed Executive Order 2026-03, instituting a comprehensive framework of accountability measures and delineating a visionary roadmap for the Future Fund, also known as the Employer’s Investment in South Dakota’s Future Fund.
Gov. Larry Rhoden
Since its inception in 1987, the Future Fund has been a catalyst for economic and educational development, backing over 1,600 projects statewide. This financial body stands as a testament to South Dakota’s commitment to fostering innovation and sustaining economic growth. With investments into the Build Dakota Scholarship, the Sanford Underground Research Facility, Ellsworth Air Force Base, and Dakota BioWorx, among others, the Future Fund has markedly influenced the infrastructural and intellectual landscape of South Dakota.
The core of this Executive Order lies in increasing the transparency and accountability of how funds are managed and utilized, a move that has been lauded by economic analysts and civic leaders alike.
Transparency and Accountability Measures
Gov. Rhoden outlined that the new measures are pivotal to ensuring that South Dakota continues to be a hub for economic growth, all while maintaining a prudent stewardship of the state’s resources. Key requirements introduced by the executive order include:
- Grants will now be awarded strictly on a reimbursement basis, necessitating itemized invoices and proof of payment prior to disbursement.
- The Governor’s Office of Economic Development (GOED) is tasked with securing matching commitments or in-kind contributions from recipients whenever feasible.
- A conflict-of-interest policy must be included in every grant agreement.
- A signed, written agreement is required before any funds are released.
- GOED will display all active Future Fund agreements on OpenSD in accordance with state laws.
- Biannual reporting of each Future Fund award to the Joint Committee on Appropriations or the Interim Committee on Appropriations is mandated.
These steps are designed to fortify the fund’s integrity and ensure that its impacts are both sustainable and wide-reaching, spanning everything from small business ventures to large-scale research initiatives.
Empowering South Dakota’s Economic Ecosystem
The Future Fund’s contribution to South Dakota’s economic success is profound. By supporting projects like the Build Dakota Scholarship, the fund invests in the state’s future workforce, enabling local talent to thrive in high-demand sectors without incurring prohibitive educational debt.
The Sanford Underground Research Facility, another beneficiary, underscores South Dakota’s position as a leader in scientific exploration and innovation. This facility provides researchers worldwide with the infrastructure necessary to explore fundamental questions in physics, biology, and environmental science.
Efficiency and accountability in the operation of the Future Fund resonate deeply with the state’s ethos of resourceful and forward-thinking governance. Gov. Rhoden’s executive order is a definitive step toward strengthening these foundational principles, fostering an environment where South Dakota’s economic potential can be fully realized.
The Broader Impact on South Dakota Communities
This initiative impacts local communities significantly, enabling infrastructure projects like industrial parks in Aberdeen and Watertown, which help to create jobs and invigorate local economies. In Brookings, Dakota BioWorx represents South Dakota’s foray into biotech, paving the way for innovative solutions in health and agriculture, all thanks to the Future Fund’s backing.
Contact the Governor’s Office of Economic Development for more information about the Future Fund and its projects.
South Dakota’s dedication to maintaining an accountable and transparent economic environment shines through in the details of this executive order. As the state continues to grow and diversify its industries, the Future Fund stands as a cornerstone, fostering innovation, education, and economic stability.
This landmark emphasis on economic transparency and responsible management sets a precedent that could influence future state policies, reinforcing South Dakota’s reputation as a model for economic stewardship.