Carson City, NV – May 04, 2021
Today, Nevada Governor Steve Sisolak issued the following statement on the 2021 Economic Forum, which determines revenue projections that the Nevada Legislature uses to craft budgets for the next biennium.
The Economic Forum’s revised two-year revenue estimate is $586.2 million more than the Forum projected in December. By law the December projection is used to develop the Governor’s Executive Budget for the upcoming biennium.
In addition to the increase in projected revenues, state economists highlighted other signals of our economic recovery, including crediting the successful rollout of the COVID-19 vaccine as one of the driving factors to cause consumer confidence to jump to a 14-month high.
“Despite the historical disruption in the lives of all Americans, Nevada’s economy is proving to be on track toward recovery. Our fiscal situation has improved due to the actions we’ve taken over the last 14 months in the State -- working to strike a balance between protecting public health and also protecting our fragile economy.
“Thanks to the quick response by State and federal leaders to soften the effects of a nationwide shutdown and because of the sacrifices made by all Nevadans, our revenue never went as low as the worst projections. Working together to find creative and smart solutions, we all helped to stabilize the situation, and contribute to the promising outcomes we heard at today’s Economic Forum.
“The increase in revenue projections announced today along with the funding the State will be receiving from the American Rescue Plan will put us in a better position to begin stabilizing the State’s fiscal situation, restoring critical services and getting assistance to Nevadans most in need.
“For the remainder of this session, I will work with the Legislature as we embark on the largest economic recovery effort in the State’s history. We must always remember the struggles we faced during the last year, and vow to use this opportunity to ensure we are never in that vulnerable position again. That means making strategic decisions through the lens of responsible fiscal management focused on transforming our State for future generations and developing a solid economic foundation that leaves no Nevadan behind.”
In addition to the projections from the Economic Forum, State officials continue to monitor for updates on funds from the American Rescue Plan. Earlier this year, Governor Sisolak, along with Treasurer Zach Conine, Senate Majority Leader Nicole Cannizzaro and Assembly Speaker Jason Frierson developed the Every Nevadan Recovery framework to initiate a strategic planning process for the expenditure of ARP discretionary funds allocated directly to the State of Nevada.
The priorities and guiding principles, along with the stakeholder engagement process outlined in the framework, will serve as a foundation to enhance existing stabilization efforts and to ensure federal funding is used in a strategic manner that remains focused on a strong recovery for Nevada families and our economy.