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 Insolvent Nevada's $800 million-plus budget shortfall

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CovOps

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Insolvent Nevada's $800 million-plus budget shortfall Vide
PostSubject: Insolvent Nevada's $800 million-plus budget shortfall   Insolvent Nevada's $800 million-plus budget shortfall Icon_minitimeSun Mar 30, 2008 7:35 pm
CARSON CITY, Nev.—Nevada Gov. Jim Gibbons meets with top lawmakers and holds a media briefing Monday to outline his preliminary plans for dealing with a state revenue budget shortfall now expected to exceed $800 million by mid-2009.

The Republican governor, who already has imposed 4.5 percent budget cuts to cope with the shortfall problems, didn't release his latest projection in advance of Monday's events. But Senate and Assembly leaders who compared Gibbons' projections with higher estimates from their own analysts said the governor's figure would easily top $800 million.

The shortfall projections, which have increased fourfold since last September, were updated following last week's grim economic news of a continuing slump in sales by Nevada merchants. Also, the state is dealing with higher-than-average unemployment.

The state's cut of sales taxes is now $61 million, or 5.7 percent, below forecasts for the current fiscal year. A recent Gaming Control Board report showed that the state's taxes on casino winnings are $48.2 million, or 8.5 percent, below forecasts for the same period. Taxes on the casinos and on sales are the two largest revenue sources for state government.

Besides gambling and sales taxes, an update at the end of February showed that insurance premium, real estate transfer and business taxes also are down.

http://www.mercurynews.com/breakingnews/ci_8750679
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RR Phantom

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Insolvent Nevada's $800 million-plus budget shortfall Vide
PostSubject: Re: Insolvent Nevada's $800 million-plus budget shortfall   Insolvent Nevada's $800 million-plus budget shortfall Icon_minitimeSun Mar 30, 2008 7:44 pm
Arizona too. The desert 'states' are running dry. I'll drink to that!
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CovOps

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Insolvent Nevada's $800 million-plus budget shortfall Vide
PostSubject: Re: Insolvent Nevada's $800 million-plus budget shortfall   Insolvent Nevada's $800 million-plus budget shortfall Icon_minitimeSun Mar 30, 2008 7:49 pm
Laughing face
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Insolvent Nevada's $800 million-plus budget shortfall Vide
PostSubject: Re: Insolvent Nevada's $800 million-plus budget shortfall   Insolvent Nevada's $800 million-plus budget shortfall Icon_minitime
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