Nevada revenue projections came in $21.2 million higher than expected, signaling that the state might not have to take out a $160 million line of credit to balance next year’s budget, according to the Las Vegas Review-Journal.
That was the talk at a four-hour meeting held by the Economic Forum, a group of five business leaders who decide how much money the state has to spend, reports said.
The forum’s projections are binding in the Legislature.
A legislative report indicated the state has brought in $861 million in revenues, or $21.2 million more than the forum projected in May.
When the state passed a $6.2 billion general fund budget in June, it authorized the line of credit if it was needed to balance the upcoming budget, the report said.
Forecasters and analysts predicted a continued modest economic improvement.
The unemployment rate, now at 13.4%, is expected to drop by one percentage point by the end of next year.
The bump in revenues doesn’t mean the state’s “fiscal nightmare” is over, however, said legislative fiscal analyst Russell Guindon, according to the report.