Tuesday, May 21 2013 7:53 PM EDT2013-05-21 23:53:22 GMT
LAS VEGAS -- Metro Police are investigating a crash involving a teenager who was hit by a vehicle. According to police, the victim was walking on a sidewalk at about 2:50 p.m. Tuesday near Tropicana AvenueMore>>
Metro Police are investigating an incident where a teenager was clipped by a truck's side mirror.More>>
Tuesday, May 21 2013 12:52 PM EDT2013-05-21 16:52:57 GMT
LAS VEGAS -- The two men facing murder charges in the death of a 15-year-old high school student appeared in a Las Vegas courtroom Tuesday morning. Michael Solid, 21, and Jacob Dismont, 18, made theirMore>>
The two men facing murder charges in the death of a 15-year-old high school student appeared in a Las Vegas courtroom Tuesday morning.More>>
Tuesday, May 21 2013 8:00 PM EDT2013-05-22 00:00:18 GMT
LAS VEGAS -- Clark County students experience some the largest classes in the country. And while that overcrowding is expected to decrease by one or two students, the vast majority of kids won't see anyMore>>
Clark County students experience some the largest classes in the country. Although the overcrowding is expected to decrease by one or two students next year, the vast majority of kids won't see any significant change.More>>
Tuesday, May 21 2013 7:55 PM EDT2013-05-21 23:55:25 GMT
LAS VEGAS -- The ratio of students to teachers in the Clark County School District from first through fifth grade and the ratio of students to classes in kindergarten gradually improved toward the endMore>>
The ratio of students to teachers in the Clark County School District from first through fifth grade and the ratio of students to classes in kindergarten gradually improved toward the end of the last decade but worsened after the 2009-2010 school year.More>>
Tuesday, May 21 2013 6:45 PM EDT2013-05-21 22:45:27 GMT
LAS VEGAS -- The deadly tornado in Oklahoma is bringing back some bad memories for one woman who now calls Las Vegas her home. Stephanie McGregor is originally from Moore, Oklahoma and lived there whenMore>>
The deadly tornado in Oklahoma is bringing back some bad memories for one woman now living in Las Vegas.More>>
Tuesday, May 21 2013 6:04 PM EDT2013-05-21 22:04:40 GMT
LAS VEGAS -- Las Vegas Urology agreed to pay the Justice Department $1 million to resolve civil allegations that it improperly billed Medicare, TRICARE, and other federal health care insurance programs,More>>
Las Vegas Urology agreed to pay the Justice Department $1 million to resolve civil allegations that it improperly billed Medicare, TRICARE, and other federal health care insurance programs, Nevada's U.S. Attorney Daniel Bogden said Tuesday.More>>
Tuesday, May 21 2013 5:30 PM EDT2013-05-21 21:30:00 GMT
LAS VEGAS -- After his 15-year-old son was killed during a robbery last week, Ivan Arenas said he is trying to live the life his son would have wanted. According to police, Marcos Arenas, 15, was killedMore>>
After his 15-year-old son was killed during a robbery last week, Ivan Arenas said he is trying to live the life his son would have wanted.More>>
Tuesday, May 21 2013 4:44 PM EDT2013-05-21 20:44:55 GMT
LAS VEGAS -- Metro Police are investigating the discovery of a deceased person in a home in northwest Las Vegas. According to Metro, a person arrived at the home in the 8000 block of Green Pasture AvenueMore>>
Metro Police are investigating the discovery of a deceased person in a home in northwest Las Vegas.More>>
Tuesday, May 21 2013 3:52 PM EDT2013-05-21 19:52:47 GMT
LAS VEGAS -- Tina Kunzer-Murphy has been appointed as the interim athletic director for UNLV. "Tina Kunzer-Murphy has agreed to step into the role of interim athletic director on the heels of Jim Livengood'sMore>>
Tina Kunzer-Murphy has been appointed as the interim athletic director for UNLV.More>>
CARSON CITY, Nev. (AP) -- A panel of financial experts on Wednesday projected Nevada revenues for the upcoming budget cycle at $5.3 billion, representing a $1.1 billion decrease, or 17 percent, from existing spending levels.
The five members of the Economic Forum took a cautious approach to predicting how much money the general fund will receive in sales, casino, business and other taxes and fees as the state tries to claw its way out of the Great Recession.
Republican Gov.-elect Brian Sandoval has said he won't raise taxes and will allow temporary tax hikes imposed two years ago to expire. He reiterated his stance after the forum made its projections, saying state government will need to close the gap with reductions.
"While the decisions which lie ahead will be trying, we must commit ourselves to them," Sandoval said in a statement. "Nevada families and businesses are suffering, and our budget cannot worsen the problem. State spending cannot get in the way of economic growth by imposing new taxes."
State agencies have submitted budget requests totaling $8.3 billion, an amount they say is needed to maintain services and abolish state worker furloughs.
The spending limit set by the Economic Forum is binding on the governor and state lawmakers who convene in February as they build a budget for the two years beginning July 1. Anything over forum projections must be tied to a tax increase or some other funding source.
The forum will meet again on May 2 to adjust their projections as the 2011 legislative session winds down.
Nevada's economy, highly dependent on the discretionary spending of tourists and gamblers, has been hammered by the recession. When those sectors plummeted, it crushed a once robust construction industry that had carried the state in previous downturns.
Nevada leads the nation in foreclosures and bankruptcies, and has had the highest unemployment rate in the nation since May. The jobless rate hit a record high 14.4 percent in September, and improved slightly to 14.2 percent in October.
But economists attributed October's dip more to workers leaving the state rather than meaningful job creation. About 70,000 people have left Nevada in the past year, according to the state demographer.
Bill Anderson, chief economist for the Nevada Department of Employment, Training and Rehabilitation, told forum members that while the jobless rate may have stabilized, there's "no catalyst that will put on a more pronounced growth projectory" soon.
Sales and casino taxes account for two-thirds of general fund revenues. Although steep, double-digit declines of the past two years have eased -- and in some months risen slightly from rock-bottom lows -- forum members were unwilling to project a sustainable upward trend.
John Restrepo, forum chairman and principal of Restrepo Consulting Group in Las Vegas, said the recession has spurred "changes in consumer behavior and spending patterns."
"This is our Great Depression," he said. "This could be a game-changer for a while."
Andrew Martin, a Las Vegas certified public accountant, said Nevada's foreclosure crisis is far from over and that thousands of people are leaving the state.
"I don't think people are going out there and spending, and I don't think they're going to," he said. "I think this is where we're most vulnerable," he said of sales tax projections.
The panel took the most conservative sales tax estimates, projecting revenue will increase 1.3 percent increase in 2012 to $767.4 million, and 3 percent in 2013 to $791.8 million.
Casino revenues were projected to rise 3.2 percent next year to $679.5 million, and 3.3 percent in 2013 to $702.1 million.
Forum members scoffed at a casino revenue forecast from Moody's Analytics, which estimated growth at 7.2 percent and 12.3 percent in each of the next two years.
Panel member Matthew Maddox, chief financial officer at Wynn Resorts, said there are no large casino projects on the drawing board in Las Vegas to spur double-digit growth.
"You're forecasting a significant increase in revenue and no increase in supply," Maddox told Moody's analyst Daniel White. "Never happened."
(Copyright 2010 by The Associated Press. All Rights Reserved.)