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The Nevada Independent

Russell Guindon

Nevada tax revenues exceed general fund budget by more than $1 billion

Guindon said roughly $400 million would go to the state's Rainy Day Fund, pushing the fund’s balance to a record high. In January, the treasurer’s office announced that the fund hit a balance of $340 million, amounting to about 85 percent of the pre-pandemic high for the fund of $401 million.

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A tree in front and the Nevada Legislature building behind it

With faster-than-expected recovery, Nevada projected to have $586 million more to spend in next two years

The revised forecast is a marked improvement from the Economic Forum’s last revenue forecast from December, when the five-member panel of appointed economists and analysts projected general fund revenues of $8.5 billion over the next two years — down about half a billion dollars from the prior budget cycle. This time, the Forum projected $4.4 billion in the fiscal year that starts in July, and $4.7 billion for the following fiscal year, for a total of $9.1 billion in the next biennium — a $586 million upward revision.

Nevada lawmakers will have $8.5 billion to budget for next two years, $400 million down from current biennium

Members of the Economic Forum solidified their official forecast in a virtual meeting on Thursday after taking into account the economic damage caused by coronavirus and efforts to slow it, as well as the uncertainty of additional federal stimulus aid. But it also comes against the backdrop of more hopeful news — that hundreds of thousands of Nevadans could receive a COVID-19 vaccine in the next two months, signaling a return to more normalcy.

Lawmakers declare fiscal emergency, accept federal coronavirus aid for child care, mental health and arts

Democratic Assemblywoman Maggie Carlton, chair of the committee, said the move was a first for the panel under a new process created last legislative session. It comes after Gov. Steve Sisolak declared a fiscal emergency on Monday on the basis that the state could face a shortfall of between $741 million to $911 million, or about a fifth of the state’s budget for the fiscal year ending June 30.

Economic Forum: Sisolak, lawmakers will have $8.8 billion to craft state budget

The $8,834,900,000 revenue figure comes courtesy of the state’s Economic Forum, which projected on Monday a 7.2 percent increase in state tax revenue over the next two years and also assumed an economic slowdown — but not a full-blown recession — sometime before 2021. The forum consists of a five-member panel of economists appointed by the governor and legislative leaders charged with forecasting revenue for the state’s two-year budget cycles.

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