Nevada Casinos, Sales Taxes More Than Expected

31.10.2003, Lesen Sie hier den Bericht über «Nevada Casinos, Sales Taxes More Than Expected».

Nevada's biggest tax revenue sources, from casinos and sales activity, are higher than projected sums relied upon by lawmakers in passing a record state budget last summer. But Budget Director Perry Comeaux says the threat of a future revenue shortfall remains. Comeaux said Tuesday the state should get adequate revenues in the two-year budget cycle that ends in June 2005. The two-year budget cycle that follows has him concerned because of a potential shortfall of up to $100 million. "We'll just have to wait and see what happens," Comeaux said. "If we have another '90s-type business construction boom, we'd probably grow right out of the problem. But what are the chances of that?"

Comeaux said percentage fees paid by casinos totaled $153.4 million in the July-September quarter, compared with an Economic Forum estimate of $142.3 million for the first three months of the current fiscal year.

While the September results on sales taxes aren't in yet, the July-August total amounted to $122.3 million, compared with the Economic Forum's estimate of $117.5 million. Combined, the tax revenues are nearly $16 million ahead of projections. The sales and gambling fee levies amount to at least two-thirds of all state revenues, even accounting for the broadened tax base approved by lawmakers this year after months of debate. "About all I can say at this point is so far, so good," Comeaux said. "It's reasonable to believe that we will achieve the forecast that the Economic Forum estimated for our historic revenues and that the Legislature estimated for the new funding sources." "A couple of the estimates on the new sources were a shot in the dark, the live entertainment tax for example," he said. "There wasn't a lot to base the estimates on. But we were pretty conservative."

While the current two-year budget cycle looks OK, Comeaux said problems could develop later if revenues don't meet expectations. Gov. Kenny Guinn already has advised his agency directors to come up with possible budget-cutting moves. Comeaux said planning for budget cuts is necessary because the state doesn't have a big reserve anymore. Legislators wiped out a $135 million rainy-day fund last winter when revenues fell below expectations.

There are good reasons for uncertainty over some of the new taxes included in the $836 million tax package passed earlier this year. The new live entertainment tax, for example, is a key part of the tax package; but collections won't start until early next year. Another key element, a tax based on payroll that is paid by business, won't start showing up in state coffers until the end of the year.

Besides that, Comeaux said, part of the current budget is funded by revenues available at the time but not in the future, such as estate taxes and one-time federal funding. "So, two years from now, the requirement for funding ongoing government operations will still be there -- but the revenues won't be," he said.

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