Nevada Tax Collections Ahead Of Last Two Years
CARSON CITY, Nev. (AP) — Nevada tax collections are on the rise but economic experts predict the increase won't translate into enough revenue to cover all the money state agencies are requesting for the next two-year budget cycle.
The Economic Forum projected this week the state will collect $7.9 billion in general fund tax revenue in fiscal 2017-18.
That's about a 7 percent increase or $541 million more than the current $7.3 billion budget approved in 2015.
It's still between $300 million and $600 million less than the total requests state departments submitted to Gov. Brian Sandoval in October.
That means Sandoval will have to cut spending from the preliminary requests, seek new levies or redirect existing revenue to the general fund to help balance the budget as required by state law.