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Nevada Borrowing for Jobless Benefits Eases

Posted: 12:25 PM May 3, 2012
Reporter: AP

CARSON CITY, Nev. (AP) - Nevada's debt to the federal government to pay jobless benefits now tops $800 million, but state officials say the pace of borrowing has slowed as the recession eases.

The Nevada Appeal reports the state has paid out $11.8 billion in benefits during the recession.

Employment Security Deputy Administrator Kelly Karch says as payments from businesses grow and new claims fall, the agency is
offsetting borrowing with current receipts to reduce interest costs accruing on that debt.

The first interest payment estimated at $22 million is due to the federal government on Sept. 30.

Gov. Brian Sandoval included that amount plus another $40 million due later in the current budget.