LAS VEGAS (KLAS) — Governor Steve Sisolak released the Nevada COVID-19 Fiscal Report Monday, and details about the Fiscal Year 2021 budget ahead of the Nevada Legislative Special Session, which is planned for Wednesday, July 8.
According to the Governor’s offie, on June 29, the Nevada Department of Taxation released revenue statistics for April 2020, and based on this information — consensus revenue projections developed jointly by the Legislative Counsel Bureau’s Fiscal Analysis Division and the Governor’s Finance Office were updated to reflect a total estimated General Fund shortfall of approximately $1.2 billion in Fiscal Year 2020-21.
Governor Sisolak sent a letter to the Nevada State Legislature that says in part:
“None of us could have predicted a pandemic of this magnitude and the global economic crisis that has followed. The world looks incredibly different since I first approved the State’s biennial budget back in June 2019. As a State, we took immediate and proactive measures to preserve the health, safety, and lives of our fellow Nevadans. I was filled with pride to see us all jump into action and rise to the challenge of this COVID-19 pandemic, whether that meant serving on the frontlines in our hospitals and grocery stores, delivering meals to elderly neighbors or simply staying at home to slow the spread. We helped flatten the curve and saved lives in the process, defying the forecasts set out by original models for our State. Right now, we are seeing a concerning increase in our data trends, likely as a result of both increased testing and reopening.”
To read more of the Governor’s letter and to see the full budget look at the document below.
The comprehensive document includes information about the State’s budget and economy pre-pandemic and details the condensed timeframe in which the State had to respond to the public health, economic and fiscal crises that resulted from the COVID-19 pandemic. The proposed reductions to close the shortfall and create a balanced Fiscal Year 2020-21 budget are summarized in the document ahead of the upcoming special session.
The proposals submitted to the legislature include, but are not limited to:
- Over $500 million in reductions to agency budgets
- Reductions in one-time appropriations
- Reversions from the IFC restricted contingency funds
- Transfers from other funds to the State’s general fund
- Furlough days for state employees in the fiscal year, and holding open more than 690 state employee vacancies
- A tax amnesty program
- Acceleration of net proceeds of minerals