Nevada Ordinance Adopting the Budget
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How to fill out Ordinance Adopting The Budget?
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FAQ
The State of Nevada operates on a biennial budget cycle, meaning once every two years lawmakers are required to enact a new operating budget that will fund the State for the next two fiscal years.
The bill goes beyond Lombardo's proposed 8% raise with another 4% raise next year. Democratic lawmakers built on that plan by increasing it to 12% in the 2023-2024 fiscal year ? a 50% increase over Lombardo's proposal.
Nevada Constitution, Article IX, Section 2 ? Requires the State of Nevada to have a balanced budget. Revenues must equal Expenditures.
Nevada enacted its FY 2022-2023 biennial budget in June 2021. The enacted budget included total spending of $23 billion in FY 2022 and $21.9 billion in FY 2023, and general fund spending of $4.6 billion in FY 2022 and $4.6 billion in FY 2023.
On Monday, the nonpartisan Economic Forum met to forecast Nevada's general fund revenue for the two-year budget for fiscal years 2023-2025. The committee projected the state will have a record $2.2 billion surplus and estimated there will be an additional $251 million compared to the forecast made in December.
Nevada's General Fund revenues are derived from several sources. Sales and Use Taxes make up the largest source of revenue in the General Fund and the ?State 2% Sales Tax? the largest major fund source, at approximately $2.6 billion over the biennium, for 29.0 percent of the total.
Nevada Governor Joe Lombardo signed multiple bills comprising the state's fiscal 2024-2025 biennial budget in June. The budget provides $5.2 billion in general fund spending for fiscal 2024.
