A more cautious approach to revenue projections

Back in 1993, Nevada lawmakers created the Economic Forum to mitigate disputes over state spending.

The five-member panel — made of up fiscal “experts” — is charged with making binding revenue projections for the state’s two-year budget cycles.

The move was an effort to insulate state lawmakers from the consequences of indulging their worst impulses by juicing revenue forecasts for political purposes. But the system is hardly infallible. Over the past three decades, the state has still endured plenty of budget distress wrought by overly optimistic tax projections.

In December 2024, for instance, the Economic Forum predicted that the state would generate $12.4 billion over the 2025-27 biennium. But rather than this 3.4 percent increase from the previous budget cycle, state tax collection