Las Vegas Sun

December 18, 2014

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Gibbons: Brace for still more budget cuts

Gov. Jim Gibbons said today additional cuts might be necessary to this current year’s budget as the most recent figures showed gaming tax figures plummeting.

The news comes less than two weeks after the Legislature met in a special session to cut an additional $274 million from the state’s current shortfall.

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“This is an incredibly difficult time for the state of Nevada, and it appears that we may need to prepare for an additional shortfall to our General Fund for the fiscal year that just began,” Gibbons said in the statement. “We will continue to watch our state revenues very closely in the coming months to determine whether any additional reduction to state spending will be necessary to maintain a balanced budget.”

Nevada collected nearly $19 million less in gaming taxes this June than it did last June, and are worse than projected by the Economic Forum three weeks ago. The Economic Forum is made up of five members of the business community who meet to forecast the amount of taxes Nevada will get.

The state has already cut $1.2 billion out of the current budget cycles.

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