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A
B
A
A
A
A
A
A
So,
moving
on
to
agenda
item
number
three.
The
next
item
up
is
approval
of
the
minutes.
From
the
november
2nd
and
november
25th
2020
technical
advisory
committee
meetings.
The
chair
has
reviewed
and
made
minor
changes
that
were
grammatical
in
nature.
The
member
should
have
received
a
revised
set
of
draft
minutes
earlier
today.
Did
everyone
receive
those?
A
B
Madam
chair,
just
for
the
records
clear
that
the
motion
is
to
approve
the
minutes,
but
from
both
the
november
2nd
2020
meeting
and
the
november
20
25th
2020
meeting
of
the
technical
advisory
committee
to
the
economic
forum,
otherwise
known
as
the
attack
and
with
that
man
chair,
I
will
call
the
role
mr
klinger.
A
A
A
B
A
Okay,
moving
on
to
item
four
review
and
approval
of
revenue
forecasts
for
selected
general
fund
sources,
including
taxes,
licenses
fees,
fines
and
other
revenue,
the
members
should
have
the
information
in
front
of
them.
Regarding
the
preliminary
forecast
from
each
of
the
forecasters
for
minor
revenues
that
the
body
is
responsible
for
I'm
going
to
begin
with.
Mr
guindon.
B
Thank
you,
madam
chair,
again
for
the
record
russell
ginon,
with
the
fiscal
analysis,
division
and
staff
to
the
technical
advisory
committee.
What
you
should
have
is
four
sets
of
documents
that
have
been
made
available
to
the
members
of
the
tac,
as
well
as
they're,
available
on
the
budget
divisions
website
or
the
for
the
technical
advisor
committee.
So
the
one
document
that
you
have
is
it
has
the
green
and
orange
tabs
or
columns.
That
is
the
year-to-date
collections
for
the
revenue
sources
through
march.
B
B
So
for
some
of
the
revenue
sources
that
are
done
by
the
department
taxation,
it
would
actually
only
display
the
actual
collections
through
january
they'll,
probably
most
likely
be
releasing
the
february
collections
this
week
and
then
for
the
gaming
control
boards
numbers.
Those
are
the
numbers
through
march,
although
yesterday
they
did
release
the
numbers
for
april's
collections
in
in
texas
and
then
for
all
mostly
all
the
smaller
revenue
sources,
especially
the
ones
that
this
committee
will
be
handling.
B
They
would
be
reflecting
the
collections
through
march
as
obtained,
either
from
the
agency
or
extracted
from
the
controller
system.
So
I
just
want
to
provide
that
as
context
for
that
document.
When
it
says
through
march,
you
do
see
the
footnote
b
that
attempts
to
explain
the
issues
when
displaying
year-to-date
collections,
giving
the
different
timing
of
when
the
taxes
are
due
and
the
agency
is
actually
posting
them.
B
B
These
are
the
revised
estimates
that
were
prepared
by
the
agency
responsible
for
collecting
the
revenue
sources
that
you
see
listed
here
with
numbers
that
the
technical
advisory
committee
is
responsible,
as
requested
by
the
economic
forum
to
prepare
forecasts
for
and
the
fiscal
analysis
division
and
the
budget
division.
So
these
are
the
forecasts
that
were
prepared
for
this
meeting
back
in
march,
we
made
a
request,
as
we
normally
do
to
all
the
executive
branch
agencies
collecting
these
revenue
sources
to.
B
So
that's
what
table
three
displays
is
the
current
forecast
table.
Three
difference,
then,
is
showing
you
the
difference
between
each
forecaster
in
terms
of
the
forecast
shown
in
table
three
less
the
the
forecast
for
that
was
done
and
presented
to
this
body
back
in
november.
B
B
That
is
the
consensus
forecast
from
the
forecasts
that
are
displayed
in
table
three,
that
staff
from
the
budget
division
and
the
fiscal
division
went
through
and
are
bringing
forward
for
this
body's
consideration
this
afternoon
and
then,
similarly,
you
have
the
table.
That
is
the
difference
for
the
technical
advisor
community,
and
so
that
is
showing
you
the
difference
between
the
forecast.
B
B
So
with
that,
madam
chair,
that's
the
the
the
tables
that
staff
to
the
technical
advisor
committee
have
prepared,
and
if,
if
it's
okay
with
you,
then
I
can
just
proceed
with
going
through
what
staff
thought
would
be
information
for
the
body's
consideration
with
regards
to
the
forecast,
and
so
what
I
will
attempt
to
do
here
is
share.
B
B
Okay,
can
everybody
see
this
table?
Yes,
yes,
okay,
and
so
I
just
got
to
try
and
move
the
little
zoom
thing,
so
I
can
also
see
what
I'm
pointing
at,
and
so
I've
tried
to
blow
it
up
as
much
as
possible.
So
I'm
I'm
not
going
to
go
through
all
these.
What
I
thought
I'd
do,
madam
chair,
is
each
page
here.
B
Has
the
block
of
data
and
sort
of
just
highlight
what
I
think,
what
staff
thought
was
relevant
to
bring
forward
for
this
body's
consideration,
and
then
I
can
pause
on
each
page
and
see
if
there's
questions
before
proceeding
so
with
that
then
chair
members
of
the
attack,
the
the
first
revenue
item
here,
that's
referencing
is
the
net
proceeds
of
minerals,
and
so
what
I
brought
up
is
table
three,
the
difference
tac
table.
B
So
I
mean
some
of
you
may
look
at
this
as
the
fork
and
go.
Oh,
the
forecast
is
47
million.
Now
this
is
the
difference.
So
what
this
means,
then,
is
that
the
net
proceeds
of
minerals
for
the
general
fund
portion
forecast
for
fy21
has
been
revised
up
by
the
47.5
million
dollars.
B
What
I
need
to
note
here
is
that,
as
back
in
the
november
meeting,
we
had
to
discuss
that
this
revenue
source
was
impacted
by
legislative
actions
from
the
31st
special
session,
when
the
legislature
made
the
decision
to
change
the
structure
of
the
net
proceeds
and
minerals
tax
for
the
general
fund
portion
of
the
tax
only
to
under
currently
the
the
tax,
I
should
say
currently.
B
Historically
the
in
the
last
few
years,
the
tax
has
been
based
on
you,
pay
the
tax
in
a
fiscal
year
based
on
the
actual
preceding
calendar
year's
actual
activity,
so
to
generate
an
additional
net
proceeds
and
minerals
payment
for
the
general
fund
portion.
Only
in
fy21,
the
legislature
made
the
decision
to
require
the
the
mining
operators
to
make
an
estimate
of
what
they
will
do
for
their
net
proceeds
for
calendar
year
21
and
then
make
the
payment
of
tax
in
fy
21
based
on
that
estimate
for
calendar
21..
B
So
the
result
of
that
means
that
you
get
two
net
proceeds
of
minerals
payments
for
the
general
fund
portion.
Only
in
fy21
you
get
the
payment
in
fy
21,
based
on
the
actual
calendar
year.
2020
net
proceeds
and
then
you
get
the
estimated
payment
in
fy
21,
based
on
the
mining
operator's
estimates
for
calendar
2020..
B
So
thus
the
the
estimate
back
in
december
was
approximately
130.2
million
and
if
you
look
at,
if
you
have
the
ability
to
lay
out
also
the
the
tac
table,
you'll
see,
the
current
forecast
is
approximately
177.7
million,
and
thus
that's
the
difference
of
the
47.5
million
and
the
the
upward
revision
is
due
to
both
the
forecasts
that
were
done
and
approved
by
the
presented
to
this
body
and
approved
in
november.
B
Both
the
esta,
the
the
payment
based
on
the
actual
calendar
year
2020
came
in
approximately
22
million
dollars
higher
than
the
forecast,
and
then
the
estimate
for
the
estimated
payment
for
calendar
21
came
in
approximately
26
million
dollars
higher.
B
Thus,
the
the
net
result
of
that
is
the
47.5
million
upward
revision
in
the
forecast,
and
then
you
can
see,
there's
been
an
upward
revision
for
both
fy22
and
fy23
of
18.7
million
and
16.2
million,
and
again
that's
just
based
on
staff.
Looking
at
where
what
the
mining
industry
was
reporting
for
actual
calendar
year,
2020
what
they
actually
estimated
for
calendar
21
and
was
reported
to
the
department
of
taxation
and
then
staff
from
both
from
taxation,
budget
and
physical
doing
their
own
forecast,
and
so
what
you
see
there
for
fy21.
B
That
is
the
amount
that
taxation
will
be
billing,
the
industry
for
based
on
their
reporting
for
calendar
year
2020
and
their
estimates
for
calendar
21.,
the
approximately
177.7
million
and
then
the
76
million
and
the
71
million
that
you
see
there
22
in
fy
23.
That
is
the
average
of
the
taxation
budget
and
fiscal
forecast
for
those
two
fiscal
years.
B
So
that's
the
net
proceeds
of
minerals
tax,
and
so
maybe
I
should
just
pause
there
to
see
if
there's
any
questions
on
that
revenue
source.
Madam
chair,
I
I
do.
C
Have
one
go
ahead?
Miss
walker!
Thank
you,
madam
chair,
so
russell
in
the
past.
The
and,
if
you
look
at
you
know,
prior
to
the
pandemic,
1819
fiscal
year,
18
fiscal
year,
19
we're
at
63
million
and
50
million.
B
Well,
miss
walker,
that's
a
good
question
and
remember:
you
asked,
as
I
attempt
to
answer
it
here,
so
so,
just
what
what
it
may
help
to
help
just
quickly
go
at
a
high
level.
So
right,
the
net
proceeds
in
minerals
tax
is
just
that
it's
a
net
tax,
so
you
start
with
the
gross
proceeds
and
then
right,
they're
allowed
the
statutory
deductions
to
get
the
net
and
but
that's
occurring
at
each
mine.
B
That's
in
a
tax
district
in
the
state.
So
then
after
they
get
their
net.
The
good
thing
is
all
the
gold
mines
are
pretty
much
at
the
statutory
or
this
constitutional
maximum
five
percent
rate.
So
at
least
you
don't
have
to
worry
about
trying
to
walk
them
to
the
graduated
tax
rate
schedule
in
the
law
to
see
what
the
rate
is
so
because
gold
is
the
entity
driving
the
collections
here,
especially
for
the
general
fund
portion.
B
So,
to
give
you
an
example,
if
you
have
a
mine
in
the
task
district
that
has
a
combined
property
tax
rate
closer
to
two
percent,
then
the
general
fund
gets
a
three
percent
rate
right:
the
difference
between
the
five
percent
rate
and
the
two
percent
rate.
But
if
you're
in
a
tax
district
that
has
a
three
percent
say
tax
rate,
then
the
general
fund
only
gets
a
two
percent
rate,
the
five
percent
less
than
two
percent.
So
with.
That
is
the
context,
ms
walker.
B
Then
what
if
you
go
back
and
look
at
the
data,
you'll
see
that
for
some
of
those
prior
years
the
net
to
growth
ratio
was
lower,
that
is,
their
deductions
in
relation
to
their
growth
was
higher
and
then
the
what
the
tax
districts
that
the
mines
were
in
were
tended
to
be
in
tax
districts
that
had
a
lower
general
fund,
effective
rate.
So
then,
what
we've
seen
in
these
last
couple
fiscal
years
and
look,
but
because
we
have
the
data
to
be
able
to
look
at
it
by
mine.
B
Thus,
there's
more
net
that's
occurring
and
that
that
increased
net
is
incurring
in
tax
districts,
where
the
general
fund
rate
is
higher
than
it
had
been
in
some
of
those
fiscal
years
that
you're
referencing.
So
that
is
the
reason
why
we're
seeing
the
the
significant
increase
is
that
right,
gold
tends
to
be
as
a
precious
metal
tends
to
have
that
counter:
cyclical
price
movement
in
a
recessionary
environment.
So
that
helps
push
the
gross
up
and
then
that
pushes
the
net
up
and
then
that's
occurring.
B
The
net
is
increasing
in
those
tax
districts
where
we
get
us
a
higher
general
fund
rate
and
thus
looking
at
that
staff
is
trying
to
guess
the
gold
prices
when
we're
is
why
it
comes
back
down
a
little
bit
from
the
that
89
level
that
we're
getting
for
both
actual
calendar
2020
and
the
estimated
by
the
industry
for
calendar
21
and
in
stepping
back
a
little
bit
for
calendar
year,
22
in
calendar
23,
which
are
driving
those
estimates
for
fy
22
and
fi
23.
B
B
So
with
that,
madam
chair,
if
there's
no
more
questions,
then
the
next
one
I
just
wanted
to
mention-
you
see
the
the
the
block
of
the
gaming
taxes
and
fees
here.
B
The
forecasts
that
you
see
in
the
table
were
actually
prepared
by
mclaughton
with
the
gaming
control
board,
and
we
had
a
chance
to
both
fiscal
and
budget
staff
to
look
at
review
these
forecasts
and
discuss
them
with
mr
lawton,
and
so
you
can
see
from
the
tables
that
both
budget
and
fiscal
concurred
in
gcb's
forecast,
and
so
you
can
see
the
the
revisions
were
not
that
substantial
and
they
do
go
both
in
the
plus
and
minus
direction.
B
B
But
the
one
that
I
thought
was
just
worth
pointing
out
is:
if
you
look
at
the
tac
table,
not
the
difference
table
and
you
look
at
advanced
license
fees,
because
this
comes
up
from
time
to
time.
So
I
just
thought
I
would
possibly
try
and
address
it
on
the
front
end.
So
you
see
it
was
approximately
1.2
million
dollars
in
fy
2020..
It's
forecast
to
be
3.1
million.
Approximately
an
fy21
then
go
up
to
approximately
4.1
million
and
drop
that
back
down
to
600
000.
just
again
for
everybody's
reference.
B
The
advanced
license
fee
is
the
statutory
requirement
for
a
non-restricted
licensee
to
pay
three
times
their
first
full
month's
taxes,
and
so
what
you
have
is
in
the
gaming
control
board's
estimate
there
either
information
that
they
know
from
a
property
that
opened
in
fy21
or
a
property
that
required
changing
ownership,
which
triggers
then
the
advance
advanced
license
fee
payment.
So
that's.
B
The
21
estimate
is
reflecting
that
that
principally
a
larger
new
property,
as
well
as
a
change
in
ownership
of
our
property,
and
then
the
estimate
for
fy
2022
is
the
expectation
that
there'll
be
the
new
property
opening
here
in
june,
but
june
is
actually
will
end
up.
Their
first
full
month
will
be
july.
B
B
So
then
the
the
next
revenue
source
that
I
thought
would
be
worth
discussing
on
this
page
is
the
cigarette
tax
which
you
can
see
on
the
difference
table
that
I
have
up
here
is
revised
up
by
approximately
two
million
dollars
in
fy
21
and
then
only
1.1
million
dollars
in
fy
2022
and
then
basically
a
just
slight
downward
adjustment
in
fy23.
B
The
reason
for
the
two
million
dollar
upward
readjustment
excuse
me
upward
adjustment
in
fy
21
is
because
year
to
date
we
have
the
information
through
the
first
eight
months
and
it's
been
performing
much
stronger
than
what
we
were
thinking
based
on.
B
We
only
had
a
couple
months
of
actual
data
for
fy
21
when
we
were
preparing
forecasts
for
this
body
back
that
were
presented
back
in
november,
and
so
it's
you
know
it's
still
down,
but
it's
not
down
as
much
as
we
thought
it
would
be,
and
thus
that's
the
reason
for
the
forecast
being
revised
down
to
a
minus
4.5
decline
for
fy
21
versus
it
was
forecast
to
decline
by
5.8
percent
back
the
forecast
percent
of
this
body
back
in
november
and
again
that's
just
because
it's
somewhat
of
a
surprise
to
us,
because
our
thinking
as
forecasters
back
in
november,
given
what
we
had
seen
in
the
first
couple
months
and
at
the
end
of
fy
2020
that
right
we
had,
we
were
losing
our
visitors
and
some
percentage
of
those
visitors
must
be
smokers.
B
But
it's
been
sort
of
interesting
to
see
the
levels
that
it's
been
at
here
as
we've
continued
to
see
actual
collections.
So
perhaps
you
know
one
could
speculate
that
in
a
pandemic.
People
turn
the
vices,
such
as
you
know,
smoking
drinking
and
we
don't.
This
body
doesn't
forecast
it,
but
we've
seen
it
occur
in
the
marijuana
taxes.
B
So
I
that
that's
just
and
but
then
you
can
see,
we
have
it
continue,
forecast
to
decline,
and-
and
I
can
tell
you
as
forecasters-
this
is
one
that
we
had
to
think
about
and
talk
through
that
right
nationally
and
internationally
per
capita.
Smoking
is
going
down,
but
you're
in
this
pandemic
world,
where,
as
visitors
start
to
come
back
again.
The
expectation
is
that
some
of
those
visitors
must
should
be
smokers,
so
you're
going
to
have
sort
of
visitors
coming
back.
So
could
that
increase
the
demand
for
cigarettes
in
nevada?
B
But
if
maybe
you
get
post-pandemic
people
will
give
up
the
vice
more,
and
so
you
can
see
that
it
can
be
somewhat
difficult
to
think
about
what
would
be
the
net
effect
on
the
demand
for
cigarettes
as
you're
in
a
pandemic
and
coming
out
of
it.
But
you
can
see
that
the
forecast
that
we
did,
we
felt
we
needed
to
update
our
revise
up
the
the
first
two
years
based
on
where
data
was
trending
and
but
then
really
not
much
change
for
fy
23.
B
C
I'm
sorry,
you
guys
are
much
more
attuned
to
this
than
I
am
so
the
transportation
connection
estate
excise
tax.
So
in
in
march
we
were
at
7.5
million,
so
for
the
first
nine
months.
Maybe
is
it
eight
months
that
nine
months.
C
Eight
months,
okay,
thank
you,
so
it
just
seems
like
it's
a
big
jump
to
the
to
get
to
when
I
I
did
go
back
and
look
at
some
of
the
department
of
taxation's
information,
and
in
january
this
was
down
by
60
and
and
yet
we're
projecting
that
at
the
end
of
this
year,
it'd
only
be
23
reduction.
B
Yes,
that's
a
very
good
question
and
observation.
The
what's
going
on
is
you're
going
to
get
very
easy
comparisons
here
in
a
couple
months,
so,
prior
to
the
pandemic,
this
this
thing
would
probably
average
somewhere
around
2.6
2.7
million
dollars
a
month
in
the
months
of
april
may
june
and
july
of
2020.
B
It
was
six,
it
averaged
693
000.,
so
you
can,
and
so
the
last
few
months
have
been,
that
of
actual
data
that
we
have
it's.
It's
now
been
up
over
a
million
dollars,
and
so
we're
expecting
you
know
when
we
see
the
march
numbers
to
be
pretty
phenomenal,
because
you
may
have
all
heard
rumors
about
marching.
You
saw
the
gaming
control
board.
B
But
we
have
to
remember
that
you
know
we've
got
what
four
more
months
worth
to
collect,
and
so,
if
you
look
at
where
we're
at,
if
we
think
that's
a
reasonable
amount
that
what
we're
going
to
get
on
average
for
a
month
over
the
remaining
four
months
to
be
able
to
get
to
the
15.3
million
between
the
taxi
cabs
and
the
uber
lyft
activity-
and
I
can
tell
you-
I
don't-
I
don't
think
I
have
the
number.
B
Maybe
I
do
here
for
so
for
march-
the
taxi
cab
revenue,
because
I
I
get
that
off
the
taxi
cab
authority,
the
taxi
the
taxi
cab
revenue
was
actually
up
almost
45
percent
in
march
21
compared
to
march
2020,
and-
and
that's
that's
not
one
of
the
lower
months
a
year
ago.
So
I
hope
that
helps
I
I
agree
with
you.
Looking
at
the
data
goes
wow.
B
That
seems
like
there's
a
lot
to
make
up
in
in
four
months,
but
we
think
given
what
we've
seen
the
last
few
months
and
then
what
we
think
is
going
to
happen
for
march
and
then
thinking
with
things
continuing
to
be
able
to
open
up
that.
It's
not
unreasonable
for
to
hit
the
number
that
we
have
on
the
sheets
is
the
consensus
forecast.
B
Okay,
so
then
I'd
ask
you
to
turn
to
the
third
page
here
and
sorry:
I'm
trying
to
get
there.
B
Okay,
so
because
the
second
page
is
the
modified
business
tax,
which
the
economic
forum
will
take
care
of
next
week.
So
on
this
page,
what
I
apologize,
I'm
gonna
get
to
myself.
B
B
again.
Really.
The
reason
for
this
is
that
the
actual
collections
that
we've
seen
in
this
revenue
source
since
the
november
forecast
have
been
stronger
than
what
we
were
expecting.
B
There's
also
part
of
an
element
in
the
collections
here
that
a
dmv
had
make
an
adjustment
to
the
calculations
for
the
distribution
of
the
gst
that
comes
from
interstate
trucks
being
registered
in
multiple
states
in
the
distribution
of
revenue
from
that,
and
then
the
portion
that
belongs
to
the
general
fund
and
so
what
the
effect
of
that
is.
B
It's
providing
additional
general
fund
revenue
to
the
gst
for
going
forward,
but
obviously
then
you
get
the
12
months
of
bump
in
fy21
compared
to
fbi
2020,
and
so
we
just
have
now
more
actual
months
of
information
on
that
effect,
as
well
as
it's
just
been
stronger
than
what
we
thought.
B
So
you
can
see
there
we're
forecasting
approximately
100.8
million
dollars,
and
so
it's
actually
up
about
16.7
percent
through
nine
months
and
compared
to
only
2.2
through
the
nine
months
of
fy
2020,
and
so
all
the
forecasters
had
to
bring
their
forecast
up
for
this
revenue
source.
And
so
what
you
see,
though,
is
the
average
of
the
fiscal
budget
forecast.
B
Here
is
the
consensus
we
made
the
decision
to
exclude
the
dmvs,
especially
we
think
they're,
just
too
low
in
fy,
22
and
fy23,
and
then
the
reason
why
you
why
it's
it
went
21.3
million,
100.8
million,
then
back
down
is
this
was
also
revenue
source
that
was
impacted
by
legislation
approved
by
the
legislature
and
signed
by
the
governor
from
the
31st
special
session
in
july.
B
The
decision
was
made
to
require
100
of
the
proceeds
in
fy
21
only
to
be
deposited
in
the
state
general
fund
and
zero
percent
be
allocated
to
the
state
highway
fund.
Then
again,
it
goes
back
to
beginning
in
fy
2022,
the
25
allocation
to
the
state
general
fund
and
75
allocation
to
the
state
highway
fund.
B
So
that's
I
just
wanted
to
cover
why
you
see
it
it's
being
revised
up
in
terms
of
the
forecast,
but
also
then,
why
you
see
sort
of
this
odd
behavior
of
in
the
20
million
range,
except
for
one
year,
100
million
next.
Is
the
business
license
fee
which
you
can
see
listed
there,
that
it's
been
revised
up
by
approximately
eight
million
dollars
in
the
first
year
and
seven
million
dollars
in
the
second
year
in
almost
a
6.6
million
dollars?
B
And
this
is
just
another
one
that
I
think
all
of
us
have
been
somewhat
surprised
by
the
the
strength
and
the
business
license
fee
in
the
months
that
we've
seen
the
actual
data
since
the
november
meeting
back
then
I
believe
you
know
we
weren't
sure
what
was
going
to
be
occurring
in
the
pandemic
and
we
only
had
a
couple
months
of
actual
information
for
fy2020,
but
it's
just
been
stronger
than
what
we
thought,
and
so
it's
actually
up.
B
5.8
percent
year-to-date
versus
being
down
five
point:
eight
percent,
I
believe
the
same
eight
months
a
year
ago,
and
so
it's
been
actually
averaging
about
9.4
a
million
dollars
a
month
here
in
fy
21,
compared
to
the
8.6
million
dollars
a
month
in
fy,
2020,
and
so
remember.
This
is
the
business
licensee
that
it's
bifurcated
into
corporations,
pay
a
business
license
fee
of
500
and
what
we
call
is
non-corporations,
all
others.
B
They
pay
the
200
business
licensee,
and
so
what
we've
seen
in
the
data
is
that
the
corporations
are
declining,
but
the
non-corps
are
increasing
by
more
than
enough
to
offset
that,
because,
if
you
think
about
it,
you
need
two
and
a
half
non-corpse
to
cover
a
corp
at
the
200
to
500
differentials
and
fee,
but
clearly
in
the
the
data
that
we've
seen
here
today
that
the
non-corp
business
business
licenses
are
holding
up
and
so
what's
hard
to.
B
Tell,
though,
is
what's
new
and
what's
one's
renewing,
but
the
bottom
line
is:
is
that
the
the
latest
months
of
actual
collections
are
leading
us
to
believe
that
with
the
forecast
needed
to
be
revised
up
and
because
we
think
that
those
businesses
there's
more
businesses
in
epsilon
21
now
than
what
we
were
thinking,
the
expectation
is
if
the
economy
is
going
to
prove,
then
they,
those
ones
that
are
forming
now
there
shouldn't
be
as
much
degradation
in
22
and
23
in
terms
of
losers.
Building
businesses,
plus
you
could
have
new
ones
formed.
B
Thus,
the
reason
for
sort
of
the
the
revision
across
the
board
for
fy21
and
fy22
and
fy23
for
all
three
years
of
the
forecast
for
this
revenue
source,
then
the
on
this
page.
The
the
other
item
that
sort
of
is
for
this
set
of
tables
is
the
tax
amnesty.
B
As
you
may
recall,
from
our
meetings
last
fall
during
the
31st
special
session.
The
legislature
approved
the
governor
signed
for
taxation
to
administer
a
tax
amnesty
program.
Well,
the
based
on
the
information
we
had
available
from
prior
amnesty
programs,
the
amounts
of
accounts
receivable
for
the
different
tax
types
budget.
Physical
and
taxation
came
up
with
a
consensus
assessment
of
14
million
dollars
for
the
general
fund
portion
of
the
amnesty
program
and
that's
what
was
on
the
sheets
department.
Taxation
started
the
amnesty
program
february
1st.
B
B
So
what
we
have
to
do
is
attempt
to
account
for
what
taxation
was
able
to
tell
us,
what's
sort
of
the
actual
year
to
date
for
the
amnesty
program
that
they
would
know
as
well
as
what
is
still
in
the
queue
that
they're
working
through
and
then
right.
The
program
is
still
open
here
for
a
couple
more
days,
so
based
on
that,
you
can
see
that
in
the
different
sheet
it's
a
minus
12.5
million
dollars.
B
So
that
would
lead
you
to
believe
that
we
went
from
the
14
million
dollars
down
to
the
1.5
million
dollars
that
you
see
on
the
forecast
sheet
and
so
we're
lowering
the
forecast
for
the
amnesty
program
from
14
million
dollars
to
1.5
million
dollars.
But
that's
not
the
conclusion
that
should
be
drawn
so
fiscal,
year-to-date
tech
or
the
program.
Today.
The
taxation
knows
the
actual
amounts
and
and
tells
the
general
fund
portion
it's
approximately
3.5
million
dollars
that
we
know
that's
in
the
bank
have
been
just.
B
It
has
been
distributed
against
the
various
taxes
in
this
table,
as
well
as
the
taxes
that
the
economic
forum
will
be
handling.
So
those
that's
in
the
actual
collections
being
reported
for
those
revenue
sources
and
then
it's
either
explicitly
or
implicitly
being
built
into
our
forecast
for
fy21
as
revenue
being
booked
in
that
revenue
series
and
that's
how
his
forecaster
attempted
to
handle
it
rather
than
trying
to
back
it
out,
keep
it
down
here
in
the
amnesty
to
let
it
be
in
the
revenue
source
that
it
got
posted.
B
So
this
1.5
million
dollars
that
you
see
on
the
sheet
sister
estimate,
that's
taxation's
budget
and
fiscal's
estimate
for
the
additional
amount
that
we
think
will
still
come
in
from
the
amnesty
program.
Thus,
the
what
you
should
be
concluding
is
that,
back
in
the
31st
special
session,
we
estimated
14
million
dollars
for
the
general
fund
portion
of
the
amnesty
program.
B
B
So
that's
that's
what's
happening
here
with
the
text.
Amnesty
it's
going
from
an
estimate
of
14
million
dollars
for
the
general
fund
portion
to
5
million
dollars,
okay,
and
so
that
now
I'm
sure
those
are
the
revenue
sources
that
I
wanted
to
address
on
this
sheet.
If
there
any
questions,
please
let
me
know,
if
not,
I
can
proceed
to
the
next
table.
B
Okay,
not
seeing
any
yes,
so
then
flipping
the
to
the
next
set
of
tables,
which
is
titled
the
the
licenses
block
and
then
the
fees
and
fines
block
on
that
page.
B
Here
I
just
thought
it
worked
the
insurance
licenses.
You
can
see
that
it's
been
revised
up
by
approximately
1.7
million
dollars
in
fy
21,
2.4
million
dollars
in
fbi,
22
and
3.5
million
dollars
in
fy
23.,
and
this
is
again
just
looking
at
year-to-date.
It's
been
stronger
than
what
we
had
thought.
This
is
a
licensing
revenue
source
that
just
sort
of
keeps
chugging
along
and
when
we
look
at
the
plots
it
rarely
goes
down,
it
just
keeps
going,
and
so
we
just
realized.
B
We
thought
it
might
be
a
little
weaker
in
the
pandemic
and
then
the
last
several
months
of
actual
data
had
made
us
realize
that
that
was
not
the
correct
assumption
to
make
with
regards
revenue
source.
Thus
we
brought
up
the
base
year
and
then,
as
we
just
look
at
as
you
bring
up
the
base
here
and
looking
at
okay,
the
growth
is
there.
B
Then
you
actually
get
slice
slightly
higher
adjustments
in
the
second
in
the
third
year
forecast
years
of
the
two
point
in
the
3.5,
then
under
gl
3130
under
the
secretary
of
state's
revenues,
the
commercial
recordings.
B
This
is
another
one
that
has
been
performing
stronger
than
what
we
thought,
based
on
the
few
months
of
actual
data
that
we
had
for
fy21
back
last
fall
compared
to
what
we
know
now
to
nine
months
through
nine
months.
This
revenue
source
is
up
twelve
point
two
percent
here
today,
through
nine
months,
so
you
can
see
based
on
the
year
to
date
and
just
thinking
that
this
is
business
entities
either.
B
What's
called
a
status
filing
that
they're
going
to
maintain
their
business
filing
and
renew
or
you
could
be
a
new
entity
forming
and
right.
This
is
what
are
called
title:
seven
entities,
which
are
your
corporations,
llc's,
llps
and
entities
like
that
under
the
various
chapters
in
title
vii,
that's
the
secretary
of
state
administers,
and
so
I
I
think
I
know
in
fiscal
that
I
think
all
of
us
are
just
surprised
to
sort
of
see
the
the
strength
in
this
revenue
series
month
after
month.
B
Here
in
fy,
21,
and
thus
just
based
on
the
year
to
date
and
what
we
would
have
to
average
to
hit,
it
was
necessary
to
bring
the
forecast
up
by
the
approximately
2.7
million
dollars
and
then
because
of
that,
bringing
up
the
base
year
felt
that
it
it
wouldn't
go
back
right
back
down.
B
So
then
that
path
adjustment
ends
up,
resulting
in
a
slight
upward
revision
in
the
forecast
for
both
fy
22
and
fy23,
and
so
madam
chair,
that
was
the
two
revenue
sources
that
I
wanted
to
cover
in
the
licenses
section
of
this
page.
And
so
I
can
proceed
the
fees
and
finds
and
just
maybe
see,
if
there's
questions
on
this
table
this
page
before
proceeding.
So
then
under
fees
and
fines.
B
Really,
I
think
the
the
only
one
there
is
you
look
at
the
differences
oops
and
I
actually
should
move
along
with
you
on
my
screen,
and
that
would
help
I
apologize.
B
So
so
is
the
short-term
car
lease
and
you
see
we
can
we're
revising
the
forecast
up
there
by
approximately
1.48
million
dollars
in
21
and
then
2.7
and
4
and
fy,
22
and
23
respectively.
B
And
again,
this
is
just
that,
based
on
the
information
that
when
we
got
to
second
quarter
and
then
knowing
that
we
think
march
again,
we
is
probably
going
to
be
not
a
bad
month
to
end
the
quarter
for
the
third
quarter
of
fy21
and
then
hoping
things
will
continue
to
recover
that
there's
a
need
for
the
forecasters,
revise
their
forecaster
forecast
up
slightly,
resulting
in
the
upward
revisions
that
you
see
here
and
just
it
because
of
the
path
adjustment
and
the
expected
recovery
it
ends
up
being
as
and
that
the
upward
adjustment
increases
as
you
go
through
the
forecast
year
from
the
first
year
to
the
second
year
to
the
third
year,
and
so
with
that,
madam
chair,
that
was
the
comments
that
I
wanted
to
make
with
regards
to
the
three
revenue
sources
on
that
table.
C
I
do
have
one
talker.
Thank
you.
Thank
you,
madam
chairman,
so
russell
this
is
my
constant
question
each
time,
and
that
is
I'm
trying
to
get
a
sense
of
the
economic
outlook
for
the
next
couple
of
years
that
are
reflected
in
these
numbers
and
so
short-term
car
rental.
C
Obviously,
there's
a
rebound,
which
is
good,
but
it
seems
like
so
and
like,
for
example,
in
the
term
carly's
it's,
the
45
million
is
equal
to
what
we
took
in
basically
in
2020,
which
is
45,
so
it
seems
like
for
20
21
22,
it's
it's
more
like
some
moderate
increases
generally
and
then
in
2023.
C
That's
when
we
see
a
you
know
a
much
fuller
recovery.
It
is
that
your
sense
of
the
economy
over
the
next
few
years
or
do
you.
B
Have
attention
in
some
sense
for
fiscal,
then
chair
once
again
for
the
record,
so
miss
parker
that
yeah
I
I
I
don't
know
that
our
outlooks
are
that
much
different
than
november,
because
we
were
thinking
that
right.
There
would
be
additional
stimulus
that
the
vaccine
would
start
coming
out
late.
B
The
end
of
the
first
quarter
early
beginning
of
the
second
quarter
of
the
calendar
year
and
that's
happening
so
at
least
as
forecasters
were
getting
close
to
getting
something
right,
and
so
then
we're
thinking
that
yeah
with
that
and
you
see
the
governor's
announcing
that
he's
gonna.
Let
things
come
back
100
in
june.
So
I
think
that
was
the
thinking
that
that
would
start
occurring
and
it
sort
of
is
so.
I
think
that
that
outlook
for
things
isn't
much
different.
B
What
I
I
think,
when
you
look
at
some
of
these
texts
as
ms
walker,
what
really
gets
hard
and
I'll
tell
you
as
a
forecaster.
We
had
to
go
in
and
try
and
look
at
the
data
and
think
about
it
that,
whether
it's
a
coordinated
revenue
source
or
a
monthly
revenue
source
and
what
happened
when
in
a
sense
the
supply
curves
got
taken
out
of
the
economy
in
the
middle
of
march.
C
B
So
for
like
this
is
a
quarterly
revenue
source.
So
in
a
sense
you
had
two
and
almost
three
full
quarters
of
actual
collections
in
fy
2020,
and
then
you
got
really
dinged
that
last
quarter
of
that
by
2020
and
then
then
you
were
dinged
in
the
first
quarter
of
eppley
21
and
then
you
know
it
was
come
back
and
then
the
governor
had
to
do
the
pause
in
october
november
or
excuse
me
november
december
january,
and
and
then
so
I
think
so.
When
you
start,
let
yourself
think
about
it.
You're
comparing.
B
B
B
So
so,
madam
chair,
then
on
the
next
page
is
just
you
can
see
the
treasures
interest,
income
forecast
there
and
it's
been
revised
up
not
too
much
in
fa
21.
But
then
it
by
about
approximately
3.5
million
dollars
and
f,
gives
me
3.5
million
dollars
in
fy
2022
and
7.5
million
dollars.
And
that's
like
23.-
and
this
is
again-
and
I
should
say
we
do
have
representatives
from
the
secretary
of
state's
office,
the
control
board,
department,
taxation
and
the
treasurer's
office.
B
Here
there
are
questions
that
the
members
tab
that
we
need
them
to
answer,
but
this
was
a
forecast
that
you
can
see
that
was
prepared.
B
It
was
prepared
by
the
treasury's
office
and
the
budget
and
fiscal
concurred
in
it,
and
so
the
treasury
office
does
their
analysis
and
provides
that
to
us
in
terms
of
trying
to
figure
out
what
they
think
would
be
sort
of
the
average
investable
balance
for
each
year
and
the
interest
rate
that
they
could
earn
by
running
it
through
their
portfolio
from
short
term,
the
intermediate
to
longer
term
investments.
B
And
so
what
the
treasurer's
office
miss
hagen
informed
us
is
that
just
the
the
the
yield
curve
and
thus
the
potential
effective
rate
that
the
treasury's
office
believes
that
they
can
earn.
Given
the
interest
rate
outlook
here
in
april
of
2021
is
better,
especially
in
the
20
fy22
and
flight
23
forecast
period
than
it
was
based
on
that
interest
outlook
that
was
available
back
in
november
october
november
20th,
and
so
that
is
the
reason
for
the
upload
division
and
the
interest
income.
B
And
so
then,
I
think
under
other
revenue.
You
have
the
unclaimed
property
piece
and
there
you
can
see
it's
been
revised
up
by
approximately
3.4
million
dollars
in
fy21
and
then
just
approximately
483
million.
B
Excuse
me
483
000
and
fy
22.23,
and
this
is
again
just
we
we're
able
to
take
account
of
the
information
through
march
april
in
terms
of
what's
the
revenue
is
coming
in
and
then
what
the
treasurer's
office
is
actually
paid
out
to
individuals
making
claims
for
their
property,
and
so
it's
just
it's
been
a
little
stronger
than
what
we
thought
back
in
october
november,
when
we
were
doing
the
forecast,
which
then
necessitates
that
we
think
the
net
between
the
revenue,
the
inflows
and
outflows
would
be
slightly
stronger.
B
B
So,
madam
chair,
those
were
the
comments
that
I
wanted
to
make
with
regards
to
the
revenue
sources
here
under
agenda
item
four,
and
I
can
answer
any
questions
that
the
members
may
have.
A
Do
we
have
any
additional
questions
on
agenda
item
four?
I
have
one
russell
on
the
interest
income
from
the
treasurer's
office
for
fy22.
It
goes
up
112
and
then
it
goes
down
from
that.
That's
surge,
if
you
will,
is
that
a
function
of
the
investment
base
or
is
it
a
function
of
the
interest
rates,
in
other
words,
the
dollars
that
they
have
for
investing,
are
so
large
that
you're
getting
that
boost
or
is
the
the
interest
rate
driving
more
of
that
surge
in
fy
22.
B
A
Good
afternoon,
chair
members
of
committee,
tara
hagen
from
the
treasurer's
outfit
with
the
treasurer's
office
for
the
record.
Yet
what
we've
seen
for
fiscal
year,
22
we
as
compared
to
when
we
ran
this
analysis.
We
use
forward
rate
curves
from
the
us
treasury
that
we
run
on
a
daily
basis
based
on
contracts
that
are
being
bought
and
sold
in
the
market,
and
so
the
short
end
of
the
curve
is
staying
pretty
much
the
same,
but
we've
seen
a
more
normalized
curve.
A
So
the
three
and
five-year
numbers
are
higher
in
fiscal
year
22
and
so
that's
driving
some
of
that
increase
and
then
in
24
the
entire
curve.
So
both
your
short
mid
and
long
go
up.
So
that's
that
significant
difference
between
the
two.
So
the
balance
is
really
staying
the
same.
We
do
a
roll
and
balance
comparison
and
obviously
the
balance
in
the
general
fund.
B
And
jer
are
there
any
other
questions
on
agenda
for
which
is
the
revenues
before?
If
they're,
not,
then,
with
your
direction,
I
can
proceed
to
agenda
item
5,
which
is
the
information
on
the
tax
credit,
various
tax
credit
programs.
B
Thank
you,
madam
chair,
for
the
record
russell
getting
in
with
the
physical
mails
division.
So
what
I
would
have
and
I'll
try
and
bring
it
up
here,
and
hopefully
it
won't
flip
to
the
next
screen
page.
So
at
the
bottom
of
the
last
page,
there
you
see
this,
the
gray
block
or
the
graciated
sections
of
the
table.
B
This
is
where
we
attempt
to
count
for
the
various
tax
credit
programs
and
just
worth
mentioning
quickly
that
what,
when
we're
forecasting,
we
forecast
down
sort
of
down
here
at
the
bottom,
especially
for
the
transferable
tax
credits
programs,
because
we
don't
know
necessarily
which
revenues
that
will
be
taken
against.
B
We
do
have
enough
actual
information
to
generally
see
that
the
principally
the
transferal
tax
credits
are
being
sometimes
they're
used
against
by
the
person
who
actually
got
the
tax
credits,
but
the
vast
majority
of
them
are
purchased
by
gaming
companies
and
then
used
against
the
gaming
percentage
fee
tax.
And
so
that's
why,
in
the
forecasting
world,
we
have
to
handle
them
sort
of
in
the
aggregate
down
at
the
bottom
instead
of
trying
to
allocate
them
against
a
revenue
source.
B
B
So
at
the
bottom
of
that
page,
you
can
see
the
transferable
film
tax
credit
program
that
the
current
forecast
is
minus,
5.125
million,
which
is
a
it,
was
10
million
dollars
at
last
meeting,
and
so
we've
revised
it
down
by
the
4.875
million,
and
this
is
based
on
the
information
that
we
now
have
for
fy
21
that's
been
provided
this
by
the
film
office,
and
so
based
on
that
information,
we
felt
it
was
comfortable.
B
Revising
the
maximum
statutory
authorized
amount
of
10
million
dollars
based
on
information
set
that
we
had
back
in
october
november.
Down
to
this
5.125
then
based
again
on
the
information
from
the
film
office
and
the
projects
that
they
have
in
the
queue
or
projects
that
will
be
are
applying
or
be
going
to
the
audit
process
to
earn
their
credits
that
then
5
million
dollars
in
fy
2022
and
6
million
dollars
in
fy
23.,
and
so
then
that
ends
up
being.
B
We
had
four
million
dollars
on
the
sheets
for
fy
2022
and
so
thus
we're
revising
that
up
by
one
million,
and
so
remember
that
when
you
look
at
the
different
sheets,
a
plus
as
a
fiscal
revenue
guy,
a
plus
is
a
good
thing.
And
the
difference
means
that
we're
taking
credits
off
the
sheets
and
adding
revenue
back.
B
And
so
then,
for
the
economic
development
transfer,
tax
credits,
those
were
the
everybody
referred
to
as
the
tesla
credits.
They're
done.
That's
why
you
see
no
estimate
there
and
thus
no
difference
catalyst
account
transferable
credits.
There
you
see
there
was
a
slight
adjustment
to
the
amount
by
thirty
thousand
dollars.
Again.
This
is
based
on
information
that
was
provided
to
us
by
the
governor's
office
of
economic
development.
Go
it
that
has
administers
this
statutory
program
for
transferable
test
credits.
B
Then
you
have
the
nevada
new
markets,
jobs
act,
tax
credits-
you
can
see
there.
There
was
no
revision,
the
1.89
1.8
million
dollars
that
you
see
on
the
sheets
for
fy21.
B
That
is
the
the
amount
that's
remaining
to
be
taken
from
the
first
iteration
of
the
nevada,
nevada,
new
markets,
jobs
act,
tax,
credit
program,
but
in
the
2019
session
this
program
was
reauthorized
for
an
additional
200
million
dollars
of
investments
that
can
be
made
by
insurance
companies
and
qualified
community
development
entities,
and
for
that
200
million
they
can
earn
up
to
58
of
that,
as
transfer.
B
So
that's
another
160
million
dollars
in
tax
credits
from
this
program
that
will
be
taken,
so
the
amounts
that
you
see
in
there
for
fy,
22
and
23,
or
the
statutorily
maximum
amount
in
the
first
two
years
after
they
make
their
investment
they're
not
entitled
to
any
credits
so
and
then
beginning
in
the
third
year.
It
goes
12,
12,
12
to
get
to
36
and
then
two
years
of
11
to
get
to
the
58.
B
So
that's
the
amounts
that
we're
putting
on
there
and
the
the
good
thing
about
this
tax
credit
program.
We
have
prior
experience
with
the
first
iteration
of
this
in
terms
of
seeing
that,
yes,
the
credits
pretty
much
are
being
taken
at
the
maximum
amounts
that
they
can
in
a
fiscal
year
and
then
what
you
do
is
you
get
to
the
tail
end
and
some
can
spill
over
because
right
we
operate
on
a
fiscal
year
basis
right
july
to
june
the
insurance
premium.
Tax
is
a
calendar
january
to
december.
B
So
because
of
that,
you
can
get
someone
just
anomalous
calendar
versus
fiscal
year,
accounting
effects
for
the
tax
credits
and,
in
a
sense,
that's
what
you
see
with
the
1.8
million
dollars
in
fy
21
for
the
original
program
so
and
then
on.
The
college
savings
that
basically
there's
no
change
based
on
the
information
that
was
provided
to
us
for
that
program
and
then
finally,
the
affordable,
housing
transferable
tax
credit
program.
There
was
no
change
to
that.
B
Based
on
the
information
that,
in
terms
of
reaching
out
to
the
housing
division,
they
stated
to
us
that
they
did
not
see
any
need
to
change.
The
tax
credit
forecast
of
the
three
million
dollars
for
fy
2022
and
the
statutorily
allowed
maximum
of
10
million
dollars
for
fy23,
and
so
with
that,
madam
chair
was
the
information
that
I
wanted
to
provide
on
the
tax
credit
programs
under
gen
item
5..
If
there
are
any
questions,
I
can
attempt
to
answer
those.
A
Madam
chair,
this
is
sarah
kaufman
scotland
go
ahead.
Mr
ginny,
can
we
go
back
to
the
education
choice,
scholarship,
tax
credits,
I'm.
C
A
At
the
differences,
oh
I'm
sorry,
I'm
looking
at
the
wrong
differences
sheet,
never
mind.
I
was
looking
at
it
and
it
showed
4.745
million,
but
that's
from
april
to
november.
My
apologies.
B
So
so,
madam
chair,
maybe
what
I
should
just
what
I
can
state
here
is
just
to
try
and
summarize
for
both
the
gen
items.
Four
and
five.
If
you
don't
mind
that
you
can
see
looking
at
the
sheets
here,
that
before
the
tax
credits,
that
the
revision
would
be
upwards
by
approximately
67.85
million
dollars
for
fy21
for
the
general
fund
revenue
sources,
that
the
tax
is
required
to
forecast
here
in
these
tables
and
then
42.6
million
dollar
upward
revisions
for
fy
2022
and
43.6
million
dollars
approximately
for
fy
23.
B
and
but
then
you
can
see
for
the
tax
credits
because
of
the
adjustments
there
for
fy
21.
It's
an
upward
revision
of
6.8
million.
That
is
we're
lowering
the
tax
credits
by
that
amount.
So
it
becomes
adding
in
a
sense
revenue
back
to
the
sheets
by
lowering
them
and
that's
6.8
million.
Thus,
after
accounting
for
the
adjustments
to
the
tax
credit
programs,
the
consensus
forecast
presented
to
you
here
for
fy21
would
be
an
uproar
revision
for
fy21
of
approximately
74.6
million
dollars.
B
As
you
can
see
here
at
the
bottom
of
the
sheet
and
then
the
revision
to
the
tax
credits
for
fy
22
was
approximately
adding
additional
5.7
million
dollars
in
tax
credits
for
those
programs.
So
thus
we
end
up
going
from
the
42.6
million
before
tax
credits
to
the
approximately
36.4
eight
million
dollars
after
tax
credits
as
the
upward
adjustment
in
the
general
fund
revenue
for
these
revenue
sources
for
again
for
fy
2022.,
and
then
you
can
see
the
43
points,
approximately
six
million
dollars
before
tax
credits.
B
Since
there
was
no
change,
then
that's
also
the
after
tax
credit
amount
of
the
upward
adjustment
to
the
forecast
for
fy
23
for
the
general
fund
revenue
sources
and
the
tax
credits
that
the
technical
advisory
committee
is
directed
to
prepare
and
provide
forecasts
to
the
economic
forum,
and
with
that,
madam
chair,
that
does
finally
then
conclude.
The
information
set
that
I
wanted
to
provide
to
the
members.
A
A
B
Thank
you,
madam
chair,
and
just
again
for
the
record
that
declare
that.
So
we
have
a
motion
in
a
second
to
approve
under
agenda
items.
Five
and
four
and
five
together,
the
forecast
presented
in
the
tech,
technical
advisory,
general
fund
revenue,
forecast,
dash
map
421
table
for
the
general
fund,
revenue
sources
and
then
the
tax
credit
programs
as
presented
in
the
table,
and
so
with
that
manager.
I
will
call
the
role
mr
klinger.
A
C
B
Chair
brown,
yes,
thank
you,
madam
chair.
Let
the
record
show
that
the
emotion
was
approved
unanimously
by
the
members
of
the
technical
advisory
committee.