Facebook
Fark
Digg
Reddit
Stumble
Tuesday, Nov. 25, 2008 | 2 a.m.
Welcome to the rolling disaster that is Nevada’s budget. The state is on pace to cut $1.5 billion from its budget before the end of the year and its had to do the cutting in chunks. Why? Because nobody so far has been able to see the bottom of the well we’ve fallen down.
All of the economists who gave us information predict 2007 is going to be a year where the economy slows throughout the country and Nevada. Then we will see a pickup in 2008-09.
— Deborah Pierce, Economic Forum chairwoman and chief financial officer, Hooters Hotel, Las Vegas, November 2006 (Review-Journal)
Analysis: The Economic Forum’s forecast was used to draw up the 2007-09 budget. The Legislature has since had to cut $1.2 billion because revenue fell short and is going to have to cut another $300 million by the end of the year. The Economic Forum has revised its forecast downward three times since then.
$565 million
— Amount Gov. Jim Gibbons and the Legislature cut from the budget in late 2007
$350 million
— Amount Gibbons and the Legislature cut from the budget in April
We have done the work necessary to make sure we meet the requirements of balancing the budget.
— Gov. Jim Gibbons, April 9. (Reno Gazette-Journal)
Analysis: A short seven months later and the shortfall is half again what’s been cut: $1.5 billion.
$250 million or $243 million or $94 million (Review-Journal)
— June shortfall as projected by the Economic Forum, state Budget Director Andrew Clinger and legislative fiscal analysts, respectively
Analysis: Too low, all
$275 million
— Amount Gibbons and the Legislature cut from the budget in June
The state needs to cut another $250 million.
— Nevada Economic Forum, Nov. 6 (Review-Journal)
The state needs to cut another $300 million
— Clinger, state budget director, Nov. 9. (Sun)
Analysis: Who knows? On average, Nevada has had to cut its budget every four months since it was drawn up in June 2007. Can we make it until June 2009 without more?
It is not too late to seek some of the federal bailout billions.
All you had to say was that the government spent to much.
They promised even more spending in 2007-2008 and 2008-2009 even though leading indicators suggested the economy was not doing so well. Even population growth in Nevada was slowing by that point, yet the government promised to ramp up spending.
We're having to cut from that boneheaded move and from the boneheaded spending increases since 2004.
Analysis: we overspent by billions since 2004.