State to empty $401M rainy day fund for coronavirus deficit
CARSON CITY – Gov. Steve Sisolak and the other two members of the state Board of Examiners voted Thursday to tap all of the state’s $401 million rainy day fund to offset a potential state budget shortfall for the current fiscal year that could be more than double that amount.
Approval by the board — comprising the governor, Attorney General Aaron Ford and Secretary of State Barbara Cegavske — moves the matter back to the legislative Interim Finance Committee, which meets Monday.
Thursday’s action follows declarations of a fiscal emergency earlier this week, first by the governor and then, on Wednesday, by the legislative committee. The state estimates its revenue shortfall for the fiscal year that ends June 30 is between $741 million to $911 million, the result of the COVID-19 economic shutdown.
The Board of Examiners also authorized a $98,000 one-year emergency lease for the Department of Employment, Training and Rehabilitation for additional office space to house extra employees it is hiring to handle record unemployment claims processing through next May. Federal money is covering the outlay.
Thursday’s meeting lasted six minutes, and the approvals came without comment.
Contact Capital Bureau reporter Bill Dentzer at bdentzer@reviewjournal.com. Follow @DentzerNews on Twitter.
