Gov. Rhoden Casts Vision and Establishes Guardrails for Future Fund

Article Body

FOR IMMEDIATE RELEASE

January 15, 2026

Contact: Josie Harms

Gov. Rhoden Casts Vision and Establishes Guardrails for Future Fund

PIERRE, S.D. - Today, Governor Larry Rhoden signed Executive Order 2026-03, which establishes guardrails and casts a vision on how he intends to use the Future Fund during his administration.

"Let me be clear: I support economic growth. That growth should be bold enough to seize opportunity and wise enough to prepare for the future responsibly," said Governor Larry Rhoden. "This Executive Order is the responsible way to prepare for the future. Much of it is a direct reflection of how we do business today, and it's a promise for how my administration will administer Future Funds going forward. This is a great step to keep South Dakota Open for Opportunity."

The Employer's Investment in South Dakota's Future Fund, commonly called "the Future Fund," was established by the Legislature in 1987.Over 1,600 projects have been supported by the Future Fund since then, including the Build Dakota Scholarship, the Sanford Underground Research Facility, support for the Ellsworth Air Force Base, hundreds of South Dakota's most successful businesses, and, more recently, new business parks in Aberdeenand Watertownand Dakota BioWorxin Brookings.

Governor Rhoden is committed to the accountable administration of the Future Fund which include some of the following guard rails:

• Each Future Fund grant will be awarded on a reimbursement basis, requiring receipt of itemized invoice of expenditures and reasonable proof of payment prior to any disbursement of funds;
• The Governor's Office of Economic Development (GOED) should require a matching commitment or in-kind consideration for the benefitted entity when feasible;
• Each agreement shall require a grant recipient to have a conflict of interest policy in place;
• Each grant must have a written, signed agreement prior to disbursement of funds;
• GOED shall ensure that all executed Future Fund agreements are posted on OpenSD in compliance with SDCL 1-27; and
• GOED shall provide a report to either the Joint Committee on Appropriations or the Interim Committee on Appropriations on a biannual basis about each Future Fund award.

"These guardrails ensure we continueinvesting in the right projects, at the right place, and at the right time," said GOED Commissioner Bill Even. "Thanks to Governor Rhoden's leadership, South Dakotans can have confidence that the Future Fund is being used both responsibly and transparently to promote the future growth of South Dakota."

You can find more information about the Future Fund here.

###