Economic Forum has final look to project state money

Nevada’s Economic Forum meets Friday to gaze one final time into its crystal ball and project how much money the state will have to fund government operations over the next two years.

The five-member panel of independent business executives with fiscal expertise will hear presentations on how the state’s labor market, casino industry, housing trends and tax collections are faring from legislative staff and agency gurus.

Then they will project how how much Nevada can expect to collect in various taxes under existing law.

The forum last met in December and predicted $6.3 billion in revenue for the two-year budget cycle that begins July 1. Under state law, the budget state lawmakers approve must balance and be based on the forum’s projections. Anything budgeted that exceeds the forum’s pronouncement must identify a new funding source.

Gov. Brian Sandoval has pitched a $7.3 billion general fund spending plan that includes $1.1 billion in new or extended taxes to fund his education agenda. He wants to make permanent $580 million in taxes that were initially set to expire in 2011 but have twice been extended and impose a new business license fee rate based on industry type and gross receipts.

Those new tax measures are pending before the Nevada Legislature, which faces a June 1 deadline to adjourn — or go into special session to continue the 2015 tax debate.

Contact Sandra Chereb at schereb@reviewjournal.com or 775-687-3901. Find her on Twitter: @SandraChereb.