Bill Exempts Unfunded Liabilities from Nevada Spending Cap

By: Associated Press
By: Associated Press

CARSON CITY, Nev. (AP) - Nevada could exceed its budget spending
cap to help pay off unfunded liabilities, under a bill approved by
the state Assembly.

Currently, state construction is exempted from the cap, which
was enacted in 1975. Also, one-shot appropriations that don't
create a continued burden of spending by the state are allowed.

The bill was introduced by Assemblyman John Marvel and is an
effort to help reduce a four-point-one (b) billion dollar unfunded
long-term liability in the Public Employees Benefits Program. The
liability could cause trouble for the state's credit ratings.

Marvel says without the measure, the state could lose its
capacity for bonding. An annual contribution of at least 247 (m)
million dollars is needed to keep the liability off financial
statements.


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