Economic Forum: Nevada $800 million short
As reported this evening by the Las Vegas Sun, the Nevada Economic Forum is now projecting Nevada has a budget shortfall of approximately $800 million for the biennium. The Forum spent the day reviewing revenue projections from executive and legislative staff, and the picture the numbers present is of a very dire economic situation.
For more detail on the revenue projections, please refer to this handout (”General Fund Revenue Forecasts” pdf) that was distributed at today’s meeting in both Carson City and Las Vegas. Adding to the problem is our increased Medicaid caseload, putting the number closer to $900 million.
In the coming weeks, I look forward to hearing from you your ideas for what we can do to address this current shortfall in such a manner that both deals with the immediate crisis and sets us as Nevadans on a course to full economic recovery. There are no easy answers to this crisis, and legislators and the Governor need to hear from you on how to more forward.
January 22nd, 2010 at 7:55 pm
Hi Dave,
Money is owed the state according to Barbara Buckley- can’t we get more aggressive and collect on past due bills? Can the state do something to assist in getting forclosed homes sold faster so people are living in them and paying taxes? Can we do something about the Star Bonds?
January 22nd, 2010 at 8:29 pm
Assemblyman Bobzien:
Has there been discuss as to where to cut from? I know the Governor asked all state agencies to submit their cut lists…
I am very concerned about education cuts.
Respectfully
February 13th, 2010 at 8:47 am
I have been thinking of ways to both save money and maybe even make up some of the shortfall, with-in two years. Has Nevada ever thought of going to 2 to 4 year license plate registration? If Nevada changed to just 2 year registration fees, by using even/odd license plates as the criteria, the first year, could double license fee revenue. The next year would find the same result. Plus the savings of not having to issue, regulate, and administrate for half of the vehicles in the state every year, would cut costs. Take a look at how Oregon State regulates their license renewal process. I’m sure Oregon State could give you plenty of ideas and the details on monetary savings by encreasing the license registration renewal time.
February 25th, 2010 at 10:21 am
Assemblyman Bobzien:
Currently there are 17 states that participate in a ‘work share’ program in lieu of laying off employees.(1) It is estimated that by years’ end NV could owe as much as $1 billion to the federal government for unemployment loans.(2) I can only imagine that to continue to strip NV of its human resources is only going to continue to cost us more in the long run. Perhaps you could bring this up to the Legislature to be discussed. Any layoffs and/or retirements are going to cost an employer in unemployment and/or retirement benefits.
Germany (also experiencing a recession) has incorporated this practice and their unemployment figures are declining.(3) If a worker experiences a layoff they are going to be pinching their pennies which affects state income via taxes. Perhaps if the worker realized there was less possibility of layoff they would be more willing to spend their $’s. I believe this would also be affecting the employer in a positive way as they would be retaining the experience of their workforce.
(1)Work sharing: a smart alternative to layoffs, typepad.com
(2)Nevada could owe $1 billion for unemployment loans, nevadaappeal.com
(3)U.S. Should Try Germany’s Unemployment Medicine, bloomberg.com
June 22nd, 2010 at 2:30 am
I have frequented your blog before. The more I visit, the more I keep coming back!