More bleak projections about Nevada’s budget turned up this week.

The Economic Forum, the state panel charged with making tax revenue projections, met Monday and slashed about $250 million from its projections for the current budget year, which ends June 30, according to a report in the Las Vegas Review-Journal.

The state’s current year budget has already been adjusted by $1.2 billion because of declining revenues, including the drainage of the state’s $267 million rainy-day fund.

Nevada is among the hardest hit states in the subprime mortgage mess.

Republican Gov. Jim Gibbons announced that he planned to have a teleconference with legislative leaders today. That comes after Democrats, who already control the Assembly, wrested control of the Senate in Tuesday’s election.

The Legislature isn’t scheduled to meet until February, but there is a possibility that a special session will be called earlier to deal with the budget mess.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.