According to the Nevada Economic Forum, the state’s revenue will continue to grow over the inflation rate through mid-2021.
US.- The Nevada Economic Forum approved the financial projections for the state last Monday and showed that revenue from sales, gambling and other taxes will grow more than the inflation rate through mid-2021. The financial improvement will reach a total increase of US$591 million, according to recent projections.
As the Monday report showed, projections for the state’s general fund revenue for 2019-2021 biennium are set at US$8.8 billion, up 7.2% from US$8.2 billion. The biennium assessed is composed of two state fiscal years, which run from July to June.
“The third year is the question in my mind,” forum member Marv Leavit said. “How much the slowdown is going to affect sales taxes.” Forum Chairman Linda Rosenthal recognised the potential for a slowdown in fiscal years 2021 as she agreed with Mr Leavit but she forecasted there will still be growth and that revenue will not fall.
The Forum is integrated by five financial experts from the private sector who project general fund revenues which are used by the governor and Legislature to build the state budget.