Nevada Lawmakers Brace for Economic Forum Forecast as Budget Concerns Mount
CARSON CITY — Nevada legislators are on edge as they prepare for the May 1 forecast from the state’s Economic Forum, which will reveal anticipated revenues for the upcoming two-year budget cycle. Amid growing consensus that revenues will fall short of earlier projections, the stakes are high for state funding.
Assembly Minority Floor Leader Gregory Hafen voiced concern during a recent meeting of the Assembly Ways and Means and Senate Finance committees, stating, “Expectations are already bad.” The Economic Forum, a panel of experts, is expected to provide a crucial update, with earlier forecasts suggesting potential revenues of $12.4 billion, approximately 3.4% more than the current biennium’s anticipated total.
A downturn in economic conditions exacerbates worries, particularly regarding the impact on the state’s primary revenue sources such as sales tax, gaming fees, and the tourism-dependent economy. Alexander Marks of the Nevada State Education Association pointed to the meager proposed increases in per-pupil spending as a reflection of fiscal constraints, indicating that if funds were available, Gov. Joe Lombardo would propose more substantial improvements.
Uncertainties stemming from global trade tensions and potential federal budget cuts further complicate the situation. Senator Rochelle Nguyen highlighted how disruptions in international travel influence Nevada’s economy, a state heavily reliant on tourism.
As the Economic Forum approaches, preliminary discussions have suggested a downturn in revenue forecasts, with analysts noting a projected $16 million decline in non-major revenue sources for each budget year. Concerns about tourism and personal spending persist, causing lawmakers to brace for potentially unfavorable news.
The upcoming forecast could significantly shape Nevada’s fiscal landscape, raising urgent questions about funding for essential services and programs.
For further inquiries, contact McKenna Ross at mross@reviewjournal.com.
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