The Latest: Legislature gets extra money for state budget
CARSON CITY, Nev. (AP) — The Latest on a revenue forecast for the Nevada state budget (all times local):
Nevada lawmakers will have slightly more money to spend under a portion of the state’s budget with current law.
Russell Guindon with the Legislative Counsel Bureau says lawmakers will have $42.8 million to spend in General Fund revenue under current law.
That’s because the Economic Forum approved the revenue forecast at a meeting Wednesday in Carson City. The revenue projection is a small increase compared to a preliminary forecast issued by the panel in December.
The panel was created during the 1993 Legislature and provides forecasts of Nevada’s General Fund revenues.
A Moody’s Analytics official says Nevada is seeing “exceptional” rates of job growth and is the fast growing economy in the nation in overall jobs coming online.
Dan White with Moody’s Analytics describes the U.S. economy as strong and says the U.S. has one of the tightest labor markets the nation has ever seen. Yet he also predicted the U.S. will see a recession or an economic slowdown by the end of 2020.
His comments came on Wednesday as the Economic Forum decides how to tweak a preliminary revenue forecast for the state’s General Fund, setting up the two-year state budget and how much money lawmakers can spend.
A Nevada panel is expected to forecast revenue for a portion of the state’s biennial budget and set how much state lawmakers can spend.
The Economic Forum began its meeting in Carson City on Wednesday.
The panel was created during the 1993 Legislature and provides forecasts of Nevada’s General Fund revenues. The Kenny Guinn Center for Policy Priorities says the General Fund makes up about 30 percent of the 2019-2021 biennium budget.
Economic Forum Chair Linda Rosenthal says the panel may make adjustments to a preliminary forecast they decided on in December. She says their finalized General Fund revenue forecast will dictate how much money Nevada lawmakers will be able to spend this session.