General fund revenues are up to $6.5 billion
January 22, 2014
General fund revenues rose 4 percent during fiscal 2013 to a total of $6.5 billion, the state’s annual financial report shows.
That compares with $6.2 billion in fiscal 2012.
Nevada Controller Kim Wallin, who released the Comprehensive Annual Financial Report, said it’s required by state law and is examined by independent outside auditors as well as her staff. It outlines the state’s financial standing, including both assets and liabilities.
Along with the report is the Popular Annual Financial Report, an abbreviated version designed to inform residents.
The report shows a continued slow and steady recovery over the past year, Wallin said.
In the general fund, she said, the largest revenue increases were $145 million in intergovernmental revenues, $59.6 million in sales taxes and $12.6 million in gaming taxes.
Gaming and sales taxes are the largest revenue sources for state government, and Wallin said both are expected to show modest growth through the second half of the current fiscal year.
But she said that despite the increases during fiscal 2013, those two revenue sources still are double-digit percentages below their pre-recession levels.
On the other side of the ledger, she said, the state’s long-term financial liabilities decreased $361.5 million during the year to $4.3 billion. The big reduction came from refunding general obligation bonds, Wallin said.