Print
E-mail
Share
digg
Newsvine
Facebook
Stumble
Technorati
reddit
Fark
twitterBuckley outlines her forced savings bill
Monday, Feb. 23, 2009 | 10:32 a.m.
Related stories
CARSON CITY – Assembly Speaker Barbara Buckley, D-Las Vegas, unveiled a forced savings plan for state government aimed at cushioning its budget against boom and bust cycles.
The state has drained its so-called “stabilization fund” to cover the cost of government as tax revenue has fallen. Despite tapping those funds the state has still had to make deep budget cuts.
“The rainy day fund does not do the job,” Buckley told the Assembly Ways and Means Committee in support of her Assembly Bill 165.
The bill would require the state to set aside 1 percent of its tax revenue, as projected by the Economic Forum, in the budget. It would also require that in good years, when the ending fund balance of the state exceeded the estimate by 7 percent, that 40 percent of that leftover money be placed in the rainy day fund.
Currently, state law doesn’t route the set-aside money to the rainy day fund until it exceeds 10 percent of ending fund balance.
According to the legislative fiscal analyst division, there was $267.6 million in the rainy day fund at the end of the 2007 Legislature. There is no immediate estimate how much will be in the rainy day fund if the Buckley bill is passed.
The proposal has the support of the chambers of commerce of Las Vegas and Reno, the Nevada Taxpayers Association, the university system and Lt. Gov. Brian Krolicki.
Dan Klaich, executive vice chancellor of the Nevada System of Higher Education, noted that Gov. Jim Gibbons’ proposed budget would hit the university system hard. Klaich also proposed there be a separate saving account for education to “help smooth out the bumps,” he said.
Spotlight
- Most Read
- Discussed
- Most E-mailed
- Ritz-Carlton Lake Las Vegas to close in May
- Pricey land buy on Strip a bit of a surprise
- Engineering marvel taking shape near Hoover Dam
- Harry Reid’s co-writer unloads while discussing polls, Obama quote
- Grim numbers show Nevada leads nation in suicides over 60
- Police: Legal runner returned to home, shot husband and wife
- UNLV back in the polls: No. 23 in AP, No. 25 in ESPN/USA Today
- MGM Mirage to leave N.J. in dispute over Macau partner
- The 10 best steakhouses in Las Vegas
- GOP should blame itself for deficit, not Democrats
Blogs
Shark Bytes
Willis reminds me of another great UNLV guard (4 Comments)
Elsewhere
With aggressive push, Internet gambling again in play
The Kats Report
A very quick list of which females could replace Steven Tyler in Aerosmith (14 Comments)
A 3.5-day sprint, highlighted superflously at Flamingo with Las Vegas newcomers
Politics: Ralston's Flash
Horsford: No taxes now, but tax reform later (14 Comments)
Gibbons: Cutting the budget can help me raise money (11 Comments)
Gibbons: Lawmakers made State of State worse with taxes (6 Comments)
Calendar »
- 9 Tue
- 10 Wed
- 11 Thu
- 12 Fri
- 13 Sat
-
Far East Movement at Blush
Blush Boutique Nightclub | 10 p.m. to 11:59 p.m.
-
Benji Madden at Moon
Moon Nightclub | 10 p.m. to 11:59 p.m.
-
Hugh Fink at the Riviera Comedy Club
The Riviera Comedy Club
The Sun
Locally owned and independent for more than 50 years.
Post a comment
Commenting requires registration.
Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy.
If you would like to submit your comment as a letter to the editor, you may submit it here.