LAS VEGAS (KTNV) — Nevada Gov. Steve Sisolak has released the Executive Budget for the 2021-2023 biennium.
According to the State, despite being severely impacted by the economic crisis, revenues never dropped as low as the worst expectations.
“The floor was so low that and they began to budget using that low bar so when the extra money came in it became better for them to project," says Steve Budin, 13 Action News Financial Analyst. " Unfortunately, the number of Nevadans that have qualified for Medicaid has really gone up substantially over the last year and that has been enormously impactful on the budget."
Highlights of the Executive Budget include:
- General Fund (GF) expenditures of $8,688,624,000, which represents a reduction of $187,279,876 (or 2%) compared to the 2019-2020 biennium.
- K-12 and NSHE state expenditures total $7 billion over the current biennium. K-12 expenditures for the biennium total $4.9 billion in state funds for a total of $6.63 billion including local funds, which represents a decrease of $30 million compared to the current biennium.
- Medicaid enrollment is approximately 18.7% higher than projected for the current biennium with additional growth of 2.2% projected through the 2021-2023 biennium. The Executive Budget projects that approximately 778,000 individuals (approximately one in four Nevadans) will be enrolled in Medicaid by the end of the 2021-2023 biennium.
- An investment of $75 million for future infrastructure and economic development projects proposed to be used to launch the State Infrastructure Bank to leverage outside capital.
"My Executive Budget for 2021-2023 recognizes the emergency we are experiencing as a result of the COVID-19 pandemic while also setting forth a clear plan to revitalize, innovate, and grow Nevada’s economy,” said Gov. Sisolak. “I am committed to remaining flexible and working closely with the legislature in this unprecedented and evolving fiscal situation. Throughout this dynamic process, the priorities will remain the same: recovering from this crisis and creating jobs, educating our kids, promoting justice and equality, and most importantly now, protecting the health of our people.”