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Nevada officials report increased state revenue

Nevada Legislature
Ken Lund/Creative Commons

CARSON CITY, Nev. (AP) — State officials report that Nevada’s tax collections are running well above both last year’s levels and what forecasters predicted for the current fiscal year.

General fund revenue in the first six to eight months of the fiscal year totaled $2.75 billion, or $668.5 million more than forecast amount for the period, Deputy Economist Joe Reel of the Legislative Counsel Bureau told the Joint Interim Revenue Committee on Wednesday.

The amount of revenue collected so far represents 61% of what was predicted for the entire fiscal year, up from the corresponding figure of 46.3% in the past fiscal year, the Nevada Appeal reported.

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Reel and Legislative Economist Russell Guindon said the second half of the year might not be as good but neither indicated they expect a dramatic drop in revenue.

Despite the rosy numbers, Revenue Committee Chair Dina Neal, D-North Las Vegas, advised lawmakers to not to get ahead of themselves.

”Don’t start thinking about how you’re going to spend that money,” she said.