$120m Added to State Budget
CARSON CITY, NV – Governor Brian Sandoval made the following statement this morning after the Legislature received an amendment to the Executive Budget:
“This morning the State Budget Office delivered the Legislature an amendment to the recommended Executive Budget. I am pleased to announce that this amendment adds more than $120 million in revenue projections – the majority of which I have directed toward K-12 education. As I have repeatedly stated, adoption of the budget is a fluid process. These are difficult times and we must all remain cognizant of the tough choices contained in this budget.
“We have demonstrated this morning that the budget submitted in January remains fiscally sound and responsive to current economic realities. Businesses are already paying the burden of an additional one billion dollars in new unemployment taxes and any additional taxes would have a severe impact on our economy. I remain convinced that spending only the money we have is the prudent course for Nevada’s long-term recovery.
“This budget amendment was possible because of adjustments to the Federal Medical Assistance Percentages (FMAP) received late last week, as well as some adjustments to the Net Proceeds of Minerals Tax and other revenues. It is my hope that in providing this information today, the Legislature and I will be able to work together to make the difficult decisions that confront us. Additional projections, including an update from the Economic Forum, will be received in the coming weeks as the Legislature prepares to adopt a final budget in May.”