CARSON CITY, NV — January 25, 2022
Please see the news below, along with a statement from Gov. Sisolak
"Our State had to make difficult choices at the start of the COVID-19 pandemic to protect lives and livelihoods. My team put forward a balanced, thoughtful budget to lawmakers last year, and we've been monitoring our economic and financial progress regularly," said Gov. Sisolak. "Replenishing the Rainy Day Fund will help set Nevada up for further success in the long-term while we continue to focus on creating good-paying jobs for Nevadans."
Nevada’s Rainy-Day Fund now at $340 million, approximately 85% of pre-pandemic record
Today, Nevada State Treasurer Zach Conine announced that Nevada’s Rainy-Day Fund now has a balance of $340 million, following a transfer of over $295 million from the State’s General Fund last week.
The Rainy-Day Fund now has its highest balance since the all-time high watermark of $401 million, set just prior to the COVID-19 pandemic. In May 2020, the entire balance of the Rainy-Day Fund was transferred to the State General Fund to avoid more significant budget cuts in response to the economic effects of the pandemic.
This sizable transfer to the Rainy-Day Fund is just one key economic indicator of the State’s solid financial outlook in 2022. Total revenue collections are currently trending higher than the Economic Forum projections, and the State has maintained its high credit rating, the highest in Nevada history.
“A healthy Rainy-Day Fund helps protect the State’s finances during times of emergencies, but also lowers our costs of borrowing in times of rising inflation and interest rates,” said Treasurer Zach Conine. “Thanks to the commitment of Governor Sisolak, the Legislature, and my office, Nevadans can rest assured that the State’s financial situation is strong as we recover from the impacts of the pandemic.”
“In 2020, the Legislature had to make tough choices to keep Nevada on solid financial ground to recover from the pandemic as strongly as possible,” said Senator Chris Brooks, Chair of the Interim Finance Committee. “It’s because of those decisions that our State is now on pace to have one of our best years yet, as we do everything possible to put thousands of people back to work.”
Pursuant to NRS 353.288, several transfers are required to be made from the State’s General Fund to the Account to Stabilize the Operation of State Government, commonly referred to as the Rainy-Day Fund. These transfers include:
- 1% of the total anticipated revenue for each fiscal year as projected by the Economic Forum; and
- 40% of the unrestricted balance of the State’s General Fund that exceeds 7% of General Fund operating appropriations.
The current balance of the Rainy-Day Fund is $340,083,563. Recent statutory transfers include:
- An initial annual transfer of $44,259,248, or 1% of the total anticipated revenue projected for Fiscal Year 2022 by the Economic Forum; and
- A second annual transfer of $295,824,315, or the 40 % of the Fiscal Year 2021 year-end unrestricted balance that exceeded 7% of General Fund operating appropriations.