Nevada Senate Majority Leader Steven Horsford’s Floor Remarks on the Economic Forum Revised Revenue Projections
Source: Senate Majority Leader Steven Horsford
May 2, 2009 - 2:10:58 PM
I would like to make a few comments based on the Economic Forum’s meeting yesterday and the final determination of the revenue projections that this Legislature will be required to use in balancing the state budget. Today, we face an even larger budget deficit than we thought we faced when the session started 90 days ago.
Based on preliminary review of the Economic Forum’s decisions, in order to fund the Governor’s budget as proposed in January would require an additional $584 million in new revenue. Not that we need any reminder of what the Governor’s budget does after more than three months of review, but it includes the 6% cuts to teacher and state worker salaries, eliminating retiree benefits, dismantling higher education due to 38% in cuts which would mean choosing between closing UNR or UNLV, and cuts to K-12 education that can not be sustained in the classroom.
Recognizing that there is 45% less revenue today than there was just two years ago, the decisions we will have to make in the closing weeks of this Legislature will continue to become even more difficult. In addition to the $584 million in revenue needed to fund the Governor’s budget, the Legislature also has to make up another $200 million in the local school support revenue as required in the Nevada Plan for our schools throughout the state. This results in at least a $784 million shortfall that this Legislature will have to address.
I think we all understand that deep cuts will be necessary. Fiscal discipline requires that we make the appropriate cuts we can. All of us will have to share in the pain these cuts will cause and all of us will have to share in the solutions to balance the rest of the budget.
The Governor has told us that he wants to fill the budget gap by slashing education to the bone. I will not do that. I will not balance this budget solely on the backs of our schools and our children. Period.
But we will not be able to restore all of the Governor’s cuts; the budget gap is too large. My goal is to restore as much education funding as possible. That is my sole goal through this process.
In order to restore some of the cuts, we will need to identify new revenue to fund education and healthcare for children and seniors. It is my hope and expectation that any new revenues would be shared by every Nevada citizen, company, interest group and corporation. Casinos, mining, unions, large corporations and taxpayers will all have to share in this burden. All of Nevada’s interests must come together to share this burden. This will not be easy but it can be done. It will take courage and hard work. But we owe it to our children.
I do not know what these revenue increases will look like yet and there is no secret plan being concocted despite what has been reported in the media and elsewhere. But no one group, especially taxpayers, will bear the full burden. I will ask CEO’s and casinos to pay their fair share. I will ask my family, and your family, to pay a share as well. I will ask everyone in Nevada to share this burden in order to protect our schools. Furthermore, it is important to note that any new revenue will largely support education, since education currently accounts for nearly 55% of our state budget.
Today, I am asking hard-working Nevadans to make a sacrifice for their children’s education and our state’s future. I am also asking corporations, casinos and other interests to share in the revenue solution. I do not make these comments lightly but I will not allow this Governor to make our children carry the entire burden for this budget gap.
Thank you Mr. President.
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