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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All News Stories
Budget timeframe: Biennial
Fiscal Year begins: July 1
Gov. Brian Sandoval
State Capitol
101 North Carson Street
Carson City, NV 89701
Phone: (775) 684-5670
Fax: (775) 684-5683
http://gov.state.nv.us/
Jeff Mohlenkamp , Director
Department of Administration - Budget Division
Blasdel Building, Room 200
209 East Musser Street
Carson City, NV 89701-4298
Phone (775) 684-0222
Fax (775) 684-0260
www.budget.state.nv.us
budget@budget.state.nv.us
2012 Legislative Calendar: Nevada has no regular session in 2012.
Legislative Budget Leaders:
Rep. Debbie Smith (D), Chair, House Ways and Means Committee, dsmith@asm.state.nv.us 775-331-9064
Rep. Marcus Conklin (D), Vice-Chair, House Ways and Means Committee, mconklin@asm.state.nv.us 702-363-3885
Rep. Marilyn Kirkpatrick (D), Chair, House Taxation Committee, mkirkpatrick@asm.state.nv.us 702-655-0332
Rep. Harvey Munford (D), Vice-Chair, House Taxation Committee, hmunford@asm.state.nv.us 702-646-4265
Sen. Steven Horsford (D), Chair, Senate Finance Committee; Vice-Chair, Senate Revenue Committee, shorsford@sen.state.nv.us 702-985-7535
Sen. Sheila Leslie (D), Chair, Senate Revenue Committee; Vice-Chair, Senate Finance Committee, sleslie@sen.state.nv.us 775-333-6564
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Nevada is required to pass a "balanced budget." Section 353.205 of the State law requires the budget document to start with a general summary of the proposed budget setting forth the "aggregate figures of that budget to show the balanced relations between the total proposed expenditures and the total anticipated revenues, together with the other means of financing the proposed budget for the next 2 fiscal years, contrasted with the corresponding figures for the last completed fiscal year and the fiscal year in progress." Even though this provision exists the State reported budget deficits (negative net transactions) on its Budgetary Comparison Schedules for each of the three years examined. Nevada law forbids the carrying over of a deficit from one year to the next.
Nevada also caps the total appropriations to the total appropriations from 1974, adjusted for inflation and population growth. This is commonly referred to as budgeting for fiscal discipline.
The State reports the following major governmental funds: the General Fund, the State Highway Fund, the Municipal Bond Bank Fund, the Consolidated Bond Interest and Redemption Fund, and the Stabilize the Operations of State Government Fund. Nevada budgets four of the five major funds and several (around 14 each year) non-major governmental funds. Although "total" columns do accompany the numerous non-major funds, budgetary information is presented inefficiently because it is located in two places within the CAFR. By placing funds in this arrangement, readers may not realize that they are seeing the same information twice, once in the "Required Supplementary Information" section and again in the "Other Required Supplementary Information" section. Also, budgetary information for major funds is presented differently than non-major information, which can make it more difficult to collect the necessary data. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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K-12 Education :
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SOLUTIONS: Nevada
Transforming Education in Nevada Through High-Quality Digital Learning
Online learning would provide students with much educational options. It offers a real prospect of superior results, coupled with lower costs.
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HEADLINES: Nevada
Budget talks drag on into another night
Gov. Brian Sandoval said Monday, negotiators are "getting there" but conceded there is still a gap.
- View All Nevada articles
Medicaid :
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HEADLINES: Nevada
Medicaid cuts look inevitable
Hospitals and other health care providers are hearing Gov. Brian Sandoval's plans to cut reimbursement money by 5 percent to 10 percent as part of his effort to balance an upside down state budget while keeping a promise not to raise taxes or fees.
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HEADLINES: Nevada
Medicaid, jobless claims squeeze Nevada budget
Changes in the formula to fund Medicaid programs, and interest on money the state borrowed to pay unemployment claims, will cost Nevada about $320 million over the next two years.
- View All Nevada articles
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Solutions: Nevada
Responsible budgeting
States should use the budget solutions of avoiding budget gimmicks and use any additional revenue to first eliminate all the dubious financial devices from budgets and to avoid state debt.
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Solutions: Nevada
One Sound State, Once Again
Nevada seriously needs genuine, revenue-neutral fiscal reforms, and this report seeks to fill that vacuum. It analyzes the actual volatility of Nevada's current taxes - and the taxes lawmakers keep signaling they want. It covers important tax-related issues, such as achieving economic efficiency and tax equity, while reducing compliance costs as well as tax-induced distortions in economic behavior. It advocates implementing priority-based budgeting.
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Solutions: Nevada
Transforming Education in Nevada Through High-Quality Digital Learning
Online learning would provide students with much educational options. It offers a real prospect of superior results, coupled with lower costs.
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Solutions: Nevada
Better Budgeting for Better Results
Performance-based budgeting reforms can save Nevada taxpayers billions.
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Solutions: Maryland, Nevada, Oregon, Vermont, Washington, Alaska, Michigan
State Budget Solutions with Bob Williams
Video of Bob Williams addressing the underfunded state pension fund problem facing so many states. He states that the public cannot afford the benefits and suggests defined contribution programs as a solution.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
