State revenues up $400 million in 2007

Appeal Capitol Bureau

The State of Nevada's revenues grew $396.6 million in fiscal year 2007, a 5.67 percent gain to $7.4 billion.

But the state's expenses for 2007 were $7.2 billion, a full $1 billion higher than the previous year.

The data is contained in the state's Comprehensive Annual Financial Report released by Controller Kim Wallin this week. She said the economic downturn, which caused the governor to call for budget reductions from all agencies receiving General Fund money, has created a lot of interest in the report.

She pointed out the budget cuts are based not on the Fiscal 2007 report but on the actual revenue collections since July 1, the start of Fiscal 2008, compared to the revenue projections used to build the 2008 budget.

The General Fund had revenues of $5.3 billion, up $199.6 million from fiscal 2006.

Wallin said that is a growth rate of 3.9 percent, half the 7.9 percent growth rate the previous year.

At the same time, General Fund expenditures were up 11.4 percent with the most significant increases in education and social services - primarily Medicaid - according to Wallin.

The report, referred to as the CAFR, is available to the public on the controller's Web site at www.controller.nv.gov.