S.B. 419
- *SB419*
SENATE BILL NO. 419–COMMITTEE ON FINANCE
MARCH 24, 2025
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Referred to Committee on Government Affairs
SUMMARY—Revises provisions relating to state financial
administration. (BDR 31-1011)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State: No.
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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
AN ACT relating to state financial administration; authorizing the
Director of the Legislative Counsel Bureau to enter into
any contracts necessary to assist the Economic Forum and
the Technical Advisory Committee on Future State
Revenues in carrying out their duties; revising the date by
which certain reports of the Economic Forum are required
to be prepared and presented; and providing other matters
properly relating thereto.
Legislative Counsel’s Digest:
Under existing law, the Governor is required, on or before July 1 of each even-1
numbered year, to impanel an Economic Forum, which consists of persons who 2
have the expertise necessary for economic forecasting and are appointed by the 3
Governor. (NRS 353.226) Existing law requires the Economic Forum to make 4
projections for economic indicators and provide an accurate estimate of the revenue 5
that will be collected by the State for general, unrestricted uses during the next 6
biennium and report such projections and estimates to the Governor and the 7
Legislature. (NRS 353.228) Existing law also requires that all projections of 8
revenue and any other information concerning future state revenue contained in the 9
biennial budget proposed to the Legislature be based upon the projections and 10
estimates prepared by the Economic Forum. (NRS 353.230, 353.246) Existing law 11
creates the Technical Advisory Committee on Future State Revenues and requires it 12
to provide all assistance requested by the Economic Forum. (NRS 353.229) Under 13
existing law, the Director of the Legislative Counsel Bureau and the Chief of the 14
Budget Division of the Office of Finance are required to jointly provide the 15
Economic Forum and the Technical Advisory Committee with meeting rooms, 16
staff, data processing services and clerical assistance. (NRS 353.227) Sections 1 17
and 3 of this bill: (1) remove data processing services from the list of jointly 18
provided items; and (2) authorize the Director to enter into any contracts necessary 19
to assist the Economic Forum and the Technical Advisory Committee in carrying 20
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out their duties, including contracts for revenue forecasting and data processing 21
services. 22
Existing law requires the Economic Forum, on or before December 3 of each 23
even-numbered year, to prepare a written report of its projections of economic 24
indicators and estimate of future state revenue and present the report to the 25
Governor and the Legislature. Additionally, existing law requires the Economic 26
Forum, on or before May 1 of each odd-numbered year, to prepare a written report 27
confirming or revising those projections and that estimate and present that report to 28
the Governor and the Legislature. (NRS 353.228) Section 2 of this bill moves the 29
date by which the latter report is required to be prepared and presented from May 1 30
of each odd-numbered year to April 1 of each odd-numbered year. 31
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 353.227 is hereby amended to read as follows: 1
353.227 1. The Economic Forum impaneled pursuant to NRS 2
353.226 shall: 3
(a) Elect a Chair and Vice Chair from among its members at its 4
first meeting; 5
(b) Adopt such rules governing the conduct of the Economic 6
Forum as it deems necessary; and 7
(c) Hold such number of meetings as may be necessary to 8
accomplish the tasks assigned to it in the time allotted. 9
2. The Director of the Legislative Counsel Bureau and Chief of 10
the Budget Division of the Office of Finance shall jointly provide 11
the Economic Forum with: 12
(a) Meeting rooms; 13
(b) Staff; and 14
(c) [Data processing services; and 15
(d)] Clerical assistance. 16
3. The Director of the Legislative Counsel Bureau may enter 17
into any contracts necessary to assist the Economic Forum in 18
carrying out its duties, including, without limitation, contracts for 19
revenue forecasting and data processing services. 20
[3.] 4. A majority of the members constitutes a quorum and a 21
majority of those present must concur in any decision. 22
[4.] 5. While engaged in the business of the Economic Forum, 23
each member is entitled to receive the per diem allowance and travel 24
expenses provided for state officers and employees generally. 25
[5.] 6. In addition to the per diem allowance and travel 26
expenses provided in subsection [4,] 5, each member of the 27
Economic Forum who is appointed by the Governor pursuant to 28
subsection 2 of NRS 353.226 is entitled to receive for each meeting 29
of the Economic Forum: 30
(a) Eighty dollars for 1 day of preparation for that meeting; and 31
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(b) Eighty dollars for each day or part of a day during which the 1
meeting lasts. 2
Sec. 2. NRS 353.228 is hereby amended to read as follows: 3
353.228 1. The Economic Forum impaneled pursuant to NRS 4
353.226 shall: 5
(a) Make such projections for economic indicators as it deems 6
necessary to ensure that an accurate estimate is produced pursuant to 7
paragraph (b); 8
(b) Provide an accurate estimate of the revenue that will be 9
collected by the State for general, unrestricted uses, and not for 10
special purposes, during the biennium that begins on July 1 of the 11
year following the date on which the Economic Forum was 12
empaneled; 13
(c) Request such technical assistance as the Economic Forum 14
deems necessary from the Technical Advisory Committee created 15
by NRS 353.229; 16
(d) On or before December 3 of each even-numbered year, 17
prepare a written report of its projections of economic indicators and 18
estimate of future state revenue required by paragraphs (a) and (b) 19
and present the report to the Governor and the Legislature; 20
(e) On or before [May] April 1 of each odd-numbered year, 21
prepare a written report confirming or revising the projections of 22
economic indicators and estimate of future state revenue contained 23
in the report prepared pursuant to paragraph (d) and present the 24
report to the Governor and the Legislature; and 25
(f) Except as otherwise provided in subsection 2, on or before 26
June 10 of each even-numbered year and December 10 of each odd-27
numbered year, hold a meeting to consider current economic 28
indicators, including, without limitation, employment, 29
unemployment, personal income and any other indicators deemed 30
appropriate by the Economic Forum. Based on current economic 31
indicators, the Economic Forum shall update the status of actual 32
State General Fund revenue compared to the most recent forecast of 33
the Economic Forum. The provisions of this paragraph are not 34
intended to authorize the Economic Forum to make additional 35
forecasts pursuant to paragraph (b). At the next appropriate meeting 36
of the Interim Finance Committee, the Chair of the Economic 37
Forum or a member of the staff of the Economic Forum shall 38
present to the Interim Finance Committee such matters considered at 39
the meeting of the Economic Forum held pursuant to this paragraph, 40
as the Economic Forum determines appropriate. Any such 41
information presented to the Interim Finance Committee must be 42
made available on the Internet website of the Legislature. 43
2. If the deadline for preparing a report or holding a meeting as 44
required in subsection 1 falls on a Saturday, Sunday or legal 45
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holiday, the deadline is extended to the second business day 1
following the deadline. 2
3. The Economic Forum may make preliminary projections of 3
economic indicators and estimates of future state revenue at any 4
time. Any such projections and estimates must be made available to 5
the various agencies of the State through the Chief. 6
4. The Economic Forum may request information directly from 7
any state agency, including, without limitation, the Nevada System 8
of Higher Education. A state agency, including, without limitation, 9
the Nevada System of Higher Education, that receives a reasonable 10
request for information from the Economic Forum shall comply 11
with the request as soon as is reasonably practicable after receiving 12
the request. 13
5. The Economic Forum may request direct testimony from 14
any state agency, including, without limitation, the Nevada System 15
of Higher Education, at a meeting of the Economic Forum or the 16
Technical Advisory Committee. The head, or a designee thereof, of 17
a state agency, including, without limitation, the Nevada System of 18
Higher Education, who receives a reasonable request for direct 19
testimony at a meeting of the Economic Forum or the Technical 20
Advisory Committee shall appear at the meeting and shall comply 21
with the request. 22
6. To carry out its duties pursuant to this section, the Economic 23
Forum may consider any information received from the Technical 24
Advisory Committee and any other information received from 25
independent sources. 26
7. Copies of the projections and estimates made pursuant to 27
this section must be made available to the public by the Director of 28
the Legislative Counsel Bureau for the cost of reproducing the 29
material. 30
Sec. 3. NRS 353.229 is hereby amended to read as follows: 31
353.229 1. The Technical Advisory Committee on Future 32
State Revenues, consisting of seven members, is hereby created. 33
2. The members of the Committee are the persons serving in 34
the following positions or their designees: 35
(a) The Senate Fiscal Analyst; 36
(b) The Assembly Fiscal Analyst; 37
(c) The Chief of the Budget Division of the Office of Finance; 38
(d) The head of the Research Division of the Employment 39
Security Division of the Department of Employment, Training and 40
Rehabilitation or, if that position ceases to exist, the position 41
deemed by the Administrator of the Employment Security Division 42
to be the equivalent of that position; 43
(e) The Vice Chancellor for Finance of the Nevada System of 44
Higher Education or a person designated by the Vice Chancellor; 45
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(f) The demographer employed pursuant to NRS 360.283; and 1
(g) The Chair of the Committee on Local Government Finance. 2
3. The Committee shall: 3
(a) At its first meeting and annually thereafter elect a Chair and 4
Vice Chair from among its members; 5
(b) Adopt such rules governing the conduct of the Committee as 6
it deems necessary; 7
(c) Hold such number of meetings as may be necessary to carry 8
out the requests made by the Economic Forum pursuant to NRS 9
353.228 in the most timely manner practicable; and 10
(d) Provide all assistance requested by the Economic Forum 11
pursuant to NRS 353.227. 12
4. A majority of the Committee constitutes a quorum and a 13
majority of those members present must concur in any decision. 14
5. Each member of the Committee who is not an officer or 15
employee of the State shall serve without compensation, except that 16
while the member is engaged in the business of the Committee he or 17
she is entitled to receive the per diem allowance and travel expenses 18
provided for state officers and employees generally. 19
6. Each member of the Committee who is an officer or 20
employee of the State must be relieved from duties without loss of 21
his or her regular compensation so that the member may prepare for 22
and attend meetings of the Committee and perform any work 23
necessary to accomplish the tasks assigned to the Committee in the 24
most timely manner practicable. A state agency shall not require an 25
officer or employee who is a member of the Committee to make up 26
the time he or she is absent from work to fulfill his or her 27
obligations as a member, nor shall it require the member to take 28
annual vacation or compensatory time for the absence. Such a 29
member shall serve on the Committee without additional 30
compensation, except that while the member is engaged in the 31
business of the Committee he or she is entitled to receive the per 32
diem allowance and travel expenses provided for state officers and 33
employees generally, which must be paid by the state agency which 34
employs the member. 35
7. The Committee may request information from any state 36
agency. A state agency that receives a reasonable request for 37
information from the Committee shall comply with the request as 38
soon as is reasonably practicable after receiving the request. 39
8. The Director of the Legislative Counsel Bureau and the 40
Chief of the Budget Division of the Office of Finance shall jointly 41
provide the Committee with: 42
(a) Meeting rooms; 43
(b) Staff; and 44
(c) [Data processing services; and 45
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(d)] Clerical assistance. 1
9. The Director of the Legislative Counsel Bureau may enter 2
into any contracts necessary to assist the Committee in carrying 3
out its duties, including, without limitation, contracts for revenue 4
forecasting and data processing services. 5
Sec. 4. This act becomes effective on July 1, 2025. 6
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