Economic Forum weighs Nevada revenues

Economic Forum weighs Nevada revenues for state budget preparation

Associated Press

CARSON CITY, Nev. (AP) -- The uncertainty in Congress over the "fiscal cliff" weighed on members of Nevada's Economic Forum as they tried to project the state's six major revenue sources to determine how much money will be available to fund state government for the next two years.

Forum projections on sales, casino and other taxes must be used by the governor and state lawmakers in setting a state budget for the two-year spending cycle that begins July 1.

Moderate growth is anticipated in sales and casino taxes, which combined account for nearly half of the state general fund.

Forum Chairman Ken Wiles and other members cautioned during the meeting that the political discourse in Washington, D.C., over automatic spending cuts and tax hikes set to take effect in January could seriously affect Nevada's economy.

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