Gov. Larry Rhoden on Thursday signed an executive order establishing formal guidelines for how his administration will award and oversee grants from South Dakota’s Future Fund, a long-running economic development program.
Rhoden said the order is designed to strengthen accountability while preserving flexibility for economic development decisions.
“I support economic growth, but growth should not be reckless,” Rhoden said. “We should be bold enough to seize opportunity and wise enough to prepare for the future responsibly.”
The Future Fund, formally known as the Employer’s Investment in South Dakota’s Future Fund, was created by the Legislature in 1987 and has supported more than 1,600 projects statewide.
Under Executive Order 2026-03, Future Fund grants will be awarded on a reimbursement basis, requiring itemized invoices and proof of payment before funds are disbursed.
Additional provisions require written grant agreements, conflict-of-interest policies for recipients, posting of agreements on the OpenSD transparency website, and biannual reporting to legislative appropriations committees.
“To be clear, much of this is a direct reflection on how we already do business today,” Rhoden said. “This executive order is a promise of how I will administer the future funds” (06:04–06:29).
Lt. Gov. Tony Venhuizen added that the state needs a tool that is flexible and that can act quickly.
“There is one person who’s accountable, the governor,” Venhuisen said.”It’s not the governor in some committee. It’s not the governor and some board.”
