LAS VEGAS, NV — November 06, 2020
Today, the Governor’s Finance Office announced that it has sent a memo to executive branch directors and agency heads this week directing all state agencies to prepare proposed budget reserves of 12 percent for each year of the upcoming 2021-2023 biennium.
These reserve proposals are for budget planning purposes and will allow the Governor’s Finance Office to provide options for consideration during the development of the Governor’s recommended budget. Numbers will continue to be examined over the coming weeks as the State receives updated revenue projections from Nevada's Economic Forum and the Executive Budget for the 2021-23 biennium is finalized in preparation for consideration during the 2021 legislative session.
Unfortunately, and despite a responsible reopening of a majority of the State’s economy since May, Nevada continues to face significant revenue shortfalls and a historic economic and fiscal crisis as a result of this pandemic.
“Like many states, Nevada faces historic shortfalls as a result of COVID-19, and we must work together to responsibly prepare for the next biennium under the upcoming projections. I want to thank our state agencies for working with us on the challenging task of preparing budgets under our very difficult fiscal reality, and just as before, I know they will do so responsibly and with the goal of protecting as much vital funding for critical services as possible. Like Nevada families, the State must budget with what we have in front of us in our current situation as we continue to monitor projections and updates,” said Gov. Steve Sisolak. “As Governor, I will continue to work with our federal partners to strongly advocate for direct and flexible relief funding for State and local governments so we can continue the essential work to protect the health and safety of all Nevadans.”
Earlier this year, the Governor’s Finance Office issued a request for budget reserve proposals to all agencies for Fiscal Years 2020 and 2021 to address the unprecedented and historic economic crisis the State was facing as a result of the COVID-19 pandemic. The Governor called the Nevada Legislature into a Special Session in July, where immediate and one-time solutions to address budget shortfalls for Fiscal Years 2020 and 2021 were approved.
All states are continuing to face devastating impacts to their budgets as a result of the COVID-19 recession, and Nevada is no exception. That’s why Governor Sisolak joins his peers across the country in calling on Congress for a robust and multi-year funding recovery plan for states and territories. As COVID-19 cases increase in Nevada and throughout America, the need to provide federal funding support to state and local governments grows by the day.
The Governor will continue to work with our federal delegation to push for additional federal stimulus funding to help ensure the State can provide resources and services to residents across Nevada.