CARSON CITY (AP) — Nevada's Economic Forum has released forecasts that suggest a quicker-than-expected economic recovery will provide lawmakers additional tax revenue for the state budget.
The five-member panel projected Tuesday that Nevada's tourism-driven economy will continue to rebound from the coronavirus pandemic and generate a record-high $9.1 billion in general fund revenue over the upcoming two budget years.
The projection is $586.2 million higher than the forum expected in December amid uncertainty about COVID-19 vaccines.
It will allow lawmakers to decide whether to restore cuts made to the state budget at the height of the pandemic.
Gov. Steve Sisolak issued the following statement on the forum’s revised two-year revenue estimate:
“Despite the historical disruption in the lives of all Americans, Nevada’s economy is proving to be on track toward recovery. Our fiscal situation has improved due to the actions we’ve taken over the last 14 months in the State -- working to strike a balance between protecting public health and also protecting our fragile economy.
“Thanks to the quick response by State and federal leaders to soften the effects of a nationwide shutdown and because of the sacrifices made by all Nevadans, our revenue never went as low as the worst projections. Working together to find creative and smart solutions, we all helped to stabilize the situation, and contribute to the promising outcomes we heard at today’s Economic Forum.
“The increase in revenue projections announced today along with the funding the State will be receiving from the American Rescue Plan will put us in a better position to begin stabilizing the State’s fiscal situation, restoring critical services and getting assistance to Nevadans most in need.
“For the remainder of this session, I will work with the Legislature as we embark on the largest economic recovery effort in the State’s history. We must always remember the struggles we faced during the last year, and vow to use this opportunity to ensure we are never in that vulnerable position again. That means making strategic decisions through the lens of responsible fiscal management focused on transforming our State for future generations and developing a solid economic foundation that leaves no Nevadan behind.”
13 Action News and the Associated Press contributed to this report.