• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Blog Home
  • Topics
    • Keystone Press Releases
    • Politics and Government
    • Legislation
    • Nevada News
    • Tourism & Gaming
    • Rural Nevada
    • Business
    • Opinion
  • Membership
  • Contact Us
  • About Keystone Nevada

Keystone Nevada Korner

Welcome to The Keystone Korner The Official Blog of Keystone Nevada

Home » State Budget Swells By Two Billion, Gov-Elect Lombardo Sees No Need For Tax Increases

State Budget Swells By Two Billion, Gov-Elect Lombardo Sees No Need For Tax Increases

December 11, 2022 by Pauline Lee

The Nevada Economic Forum approved a projected budget of $11.4 billion for fiscal years 2024 and 2025

by Megan Barth, The Nevada Globe, December 6, 2022

The Nevada Economic Forum, comprised of five governor-appointed members, convened on Monday to provide a projected biennium budget and economic forecast for fiscal years 2024 and 2025. Although members were divided over the expectation of a recession, gaming revenues and tax revenues have surpassed expectations.

Economist Emily Mandel at Moody’s Analytics expects Nevada’s economy to enter a slow growth period and did not rule out the possibility of a recession. Yet, 2024 is forecasted to be exceptionally strong as Las Vegas will host the Super Bowl and the state’s first Formula One race. Tickets sales and tax revenues from these and other large events are expected to cover any gaps if the economy contracts.

As reported by The Las Vegas Review Journal:

The Nevada Economic Forum on Monday approved a projected budget of $11.4 billion for fiscal years 2024 and 2025, more than $2 billion higher than the current budget approved by the Legislature last year. The projection approved by the forum will act as the framework for the governor’s executive two-year budget that lawmakers will work off of in the legislative session beginning in February.

“Today’s economic forum shows Nevada’s economy is continuing our steadfast path toward recovery,” outgoing Gov. Steve Sisolak said in a statement. “We are where we are today because of the actions we’ve taken over the last two years in the State to weather and recover from the COVID-19 pandemic, diversify our economy, get people back to work, and invest in education and affordable housing.”

Sisolak and his staff will prepare an executive budget ahead of the 2023 Legislature that will be handed off to Republican Gov.-elect Joe Lombardo, who narrowly defeated Sisolak in last month’s midterm elections.

“I’m grateful for the Economic Forum’s hard work and diligence in making these forecasts,” Governor-elect Joe Lombardo said in a statement. “These numbers demonstrate there is no need for a tax increase of any sort, and I look forward to making my administration’s budget priorities fit within these projections while still acting fiscally responsible and saving money for a rainy day.”

In May, the Economic Forum will set a final revenue projection used to determine the two-year general fund budget. Lawmakers are constitutionally required to balance the state budget — spending no more than incoming tax revenue.

Filed Under: Politics and Government Tagged With: Governor-Elect Joe Lombardo, Moody's Analystics, Nevada Economic Forum

Primary Sidebar

Connect with Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
Bootleg Bistro
Bootleg Bistro Ad
SLLC_Keystone_Blog-Ad_300x500_10%-Off-Repairs_05.19.21
CIOServices Ad 300x500-100
BRH Keystone Ad JPEG
Keystone Corporation Nevada

News Topics

  • Keystone Press Releases
  • Politics and Government
  • Legislation
  • Nevada News
  • Tourism & Gaming
  • Rural Nevada
  • Business
  • Opinion

Rural Nevada

Amodei picked as chair for appropriations subcommittee

January 29, 2023 By The Ely Times

Nevada Representative Mark Amodei was appointed to serve as the Chairman of the Legislative Branch Subcommittee on the U.S. House Committee on … [Read More...] about Amodei picked as chair for appropriations subcommittee

BLM cites mining company over endangered wildflower

January 18, 2023 By Colton Lochhead

The Bureau of Land Management has cited a mining company for trespassing on the habitat of a endangered wildflower in rural Nevada. The federal … [Read More...] about BLM cites mining company over endangered wildflower

Rio Tinto puts renewable diesel to test

January 15, 2023 By Pauline Lee

by Elko Daily Rio Tinto announced it is progressing with its plans to swap conventional diesel for renewable fuel in haul trucks at its U.S. mining … [Read More...] about Rio Tinto puts renewable diesel to test

Ex-Tesla executive’s battery company nets $106M tax incentives

December 3, 2022 By McKenna Ross

A lithium battery recycling company headed by a former Tesla executive was approved for a $105.6 million tax abatement for its plan to expand a … [Read More...] about Ex-Tesla executive’s battery company nets $106M tax incentives

Opinion

Biden’s Green-Energy Mineral Lockup

January 29, 2023 By Pauline Lee

The feds block mining that is essential for making EV batteries. by The Wall Street Journal Editorial Board, January 29, 2023 The Biden … [Read More...] about Biden’s Green-Energy Mineral Lockup

Lombardo shines on taxes, safety, disappoints on education

January 29, 2023 By Pauline Lee

by Las Vegas Review-Journal Editorial Board, January 24, 2023 It was the best of speeches. It was the worst of speeches. That dichotomy defined … [Read More...] about Lombardo shines on taxes, safety, disappoints on education

COMMENTARY: Americans support voter ID laws; why are Democrats dead against them?

January 28, 2023 By J. Christian Adams InsideSources.com

After the chaotic elections of 2020, Americans wanted common-sense reforms to strengthen the security of elections. One of the most common-sense … [Read More...] about COMMENTARY: Americans support voter ID laws; why are Democrats dead against them?

Tags

Adam Laxalt Build Back Better Business Business Columns Casinos & Gaming Catherine Cortez Masto Clark County Clark County School District Conventions COVID Department of Employment Training and Rehabilitation (DETR) Editorials Education employment Gov. Steve Sisolak Housing inflation Inside Gaming Joe Lombardo Local Local Las Vegas Local Nevada lvcva mask mandate mc-business mc-local mc-news mc-opinion mc-sports Nevada News North Las Vegas NPRI Opinion Opinion Columns PAID pandemic Politics and Government Real Estate Insider Roe v. Wade Separation of Powers Sports The Strip tourism Victor Joecks

Footer

Copyright © 2023 · Keystone Corporation - All Rights Reserved · Log in
Privacy Policy
By accessing this site, you are agreeing to our Terms of Use

The views, opinions and conclusions expressed by the authors of any article or post on the Keystone Korner are those of the author and do not necessarily reflect the opinions of Keystone Corporation or its officers and board members. Moreover, any reference to a person, party, product or entity does not constitute an endorsement or recommendation by Keystone Corporation or its officers and board members.