Fears about how long it will take for the tourist market and consumer confidence to recover caused members of the Economic Forum to cut $215.4 million from projected sales tax revenues Friday.
That total includes $187 million from the coming biennium and $28.3 million from the current year.
Sales taxes are the state General Fund's largest contributor. Under the scenario approved Friday, they will generate $1.61 billion over the coming biennium.
That and the $46.7 million reduction in the anticipated Real Property Transfer Tax raise the running total for the revenue cuts to $368.7 million.
Member Mike Alastuey said he is concerned about how much construction activity there will be to generate sales taxes after the projects nearing completion in southern Nevada are done.
Chairman Cathy Santoro and member John Restrepo agreed with him. Restrepo added that unemployment is still growing, further reducing the likelihood people will increase spending in the near term.
"I think we're underestimating the downturn in FY2010," he said.
The forum agreed to adopt the estimates by the LCB Fiscal Division, the most conservative projections presented.
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