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A House Built Upon Sand

Posted At : April 9, 2008 02:49 PM | Posted By : D McKee
Related Categories: Current

The folly of balancing the fate of Nevada principally upon casino revenues is made painfully clear by February's revenue report. Down at the end, you'll find a chart comparing FY08 forecasts (made almost a year ago) with reality. True, some months (like last October) can produce a geyser revenue, 20% over expectations. But with that come potholes like December, -23% and change. Even if you throw out those two antipodal months, you still have a set of projections that yo-yo between +11% and -18%, with more minuses than pluses this time around.

As Nevada's budget deficit plummets toward $910 million (pushed, in part, by a big decline in tobacco sales), it seems incumbent to say the obvious: Nevada needs a budgeting process that's less dependent on A) looking into a crystal ball -- and the Economic Forum's one probably needs to go into the shop for repairs -- and B) putting most of the state's eggs in the casino industry's basket. Because whenever the casinos sneeze, Nevada comes down with the flu.

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