Governor Sisolak released the Nevada COVID-19 Fiscal Report on Monday, along with details about the Fiscal Year 2021 budget ahead of the Nevada Legislative Special Session, which is planned for Wednesday, July 8.
Officials with the Governor's Office said consensus revenue projections were updated to reflect a total estimated General Fund shortfall of approximately $1.2 billion for the Fiscal Year 2020-2021.
“None of us could have predicted a pandemic of this magnitude and the global economic crisis that has followed. The world looks incredibly different since I first approved our State’s biennial budget back in June 2019,” said Gov. Sisolak. “The difficult fiscal decisions for Fiscal Year 2021 now lay ahead of us. My proposal preserves as much funding as possible for our most essential priorities: health, education and the state workforce, so they are able to continue providing the vital services on which Nevadans rely. ”
The document includes information about the state's budget and economy pre-pandemic and proposed reductions to close the shortfall.
The proposals submitted to the legislature include, but are not limited to:
- Over $500 million in reductions to agency budgets
- Reductions in one-time appropriations
- Reversions from the IFC restricted contingency funds
- Transfers from other funds to the State’s general fund
- Furlough days for state employees in the fiscal year, and holding open more than 690 state employee vacancies
- A tax amnesty program
- Acceleration of net proceeds of minerals
See the document below for more:
