House approves reporting and guardrails for projects funded by South Dakota Future Fund

Representative Overweg presented HB 12-86, legislation to tighten oversight and reporting requirements for projects receiving $1 million or more from the South Dakota Future Fund. The measure mandates annual written reports on large projects to relevant legislative committees, requires recipients to spend money before seeking reimbursement, and includes clawback provisions if agreed milestones or job commitments are not met.

Overweg said the bill arose from earlier deliberations in GOAC and that the measure reflects a compromise designed to add legislative oversight and protect public investment. Representative Muckey and others praised the bipartisan compromise and urged support, saying the bill defines purpose and accountability around the Futures Fund.

Floor debate included praise for improved reporting and process language. The House passed HB 12-86 by recorded vote (ayes 63, nays 4, excused 3). Sponsors described the bill as creating mandatory reporting, reimbursement rules and the ability to recover funds where performance commitments are not met.