Updated April 3, 2020 - 8:22 am
Las Vegas City Manager Scott Adams said the city estimates it could receive up to $160 million from the coronavirus federal stimulus package, much-needed money to cover potentially significant revenue losses due to sweeping business shutdowns.
The $2 trillion CARES Act, signed into law last week, provided $150 billion in support for states and cities.
Briefing the City Council on Wednesday, Adams said the city could receive a direct appropriation between $118 million and $160 million under its interpretation of the measure.
Funding would help cover expected revenue losses due to stay-at-home orders throughout the U.S. and statewide closures through at least this month of nonessential business, including casinos that are central to Las Vegas’ tourism economy.
The city could be facing a deficit as high as $100 million in its roughly $600 million general fund budget, Adams said earlier this month, although he cautioned it was an estimate without seeing updated tax revenue figures, which are not available through the state until May.
“So the impacts of what’s going on, as we speak, on our budget will be profound,” Adams told the council. “And we need that federal funding as an injection to allow us to continue operations through this crisis and beyond.”