A panel of financial experts on Wednesday projected Nevada revenues for the upcoming budget cycle at $5.3 billion,
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.
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