Nevada's Entire "Rainy Day" Fund To Be Emptied Out

Money Transferred To General Fund To Help With Budget Shortfall

Associated Press
May 19, 2020 - 5:00 am

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CARSON CITY, NV (AP) - Lawmakers on the Interim Finance Committee approved the transfer Monday of all $401 million stashed in the state’s rainy day fund to help fill holes in the budget created by coronavirus-related business closures.

Republicans objected to transferring the entire fund now without details about how big the shortfall will be in the upcoming budget year, starting July 1, and some detail about what budget cuts the state would need to make.

Democrats controlling the committee argued the entire fund will need to be transferred anyway.

The deficits are projected for this budget year ending June 30 to be between $741 million and $911 million, and larger in the next budget year.