Nevada lawmakers drain Rainy Day Fund to fill budget holes
Governor Steve Sisolak declared a
earlier this month, but now some help is coming.
This week, Nevada lawmakers approved using the Rainy Day Fund to offset some of the holes in the budget created by the pandemic.
As of May 18, 2020 more than $401,186,220 sits in the reserve account.
Democratic lawmakers on the
voted along party lines (13-7) to move the entire Rainy Day Fund to fill the gaps left in the general fund budget for 2020 fiscal year.
The Governor’s office estimates the shortfall in the budget could be between $ $741 million to $911 million for the fiscal year ending on June 30.
The Governor's office says they are close to running out of money and could have a hard time making payments for K-12 education, higher education and medicaid programs if they don't tap into the reserve account or the Federal Cares Act money.
Republican lawmakers urged caution and called for only half of the funds to be taken out of the Rainy Day Fund. Also saying they needed more information on how the budget was going to be balanced.