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A
Hello
Miss
Anthony
you're,
able
to
hear
me
wanted
to
check
your
video
in
your
microphone.
B
Foreign
good
afternoon,
I'd
like
to
call
to
order
the
April
21st
2023
meeting
of
the
technical
advisory
committee
on
future
State
revenues.
Mr
Nakamoto.
Can
you
please
call
the
roll.
C
B
B
Public
testimony
under
this
agenda
item
may
be
presented
in
person
or
by
phone
or
by
written
comment
because
of
time
considerations.
Each
person
offering
testimony
during
this
period
for
public
comment
will
be
limited
to
not
more
than
three
minutes.
Is
there
anyone
here
in
Carson
City?
That
would
like
to
offer
public
comment?
B
All
right,
thank
you
very
much.
Moving
to
agenda
item
number
three:
we
have
approval
of
the
November
4th
2022
and
November
29th
2022
meeting
minutes,
Miss
Kaufman
Mr.
D
Chairman
I'd
just
like
to
point
out
a
couple
of
discrepancies
in
in
the
minutes
on
the
minutes
for
their
November
4th.
D
My
name
is
actually
spelled
incorrectly,
it's
s-a-r-a-h
on
the
second
page,
and
then
there
is
another
discrepancy
down
below
where
it
says:
Russell
ginden,
Mary
Walker
as
the
designee
for
Margaret,
Levitt,
I,
believe
that
should
say
Marvin,
Levitt
and
then
on
the
minutes
for
the
November
29th
meeting.
It
indicates
that
members
present
were
Andrew
Klinger.
However,
on
the
second
page,
it
also
notes
him
as
being
absent.
B
Okay,
would
someone
like
to
make
a
motion
to
approve
the
minutes
with
those
adjustments.
B
Okay,
we
have
a
motion
by
Miss
Kaufman
second
by
Miss
Walker,
all
in
favor,
please
say:
aye
aye
any
opposed
right.
That
motion
passes
unanimously.
B
Moving
on
to
Jenna
agenda
item
number
four
is
review
and
approval
of
Revenue
forecasts
for
selected
general
fund,
Revenue
sources,
including
taxes,
licenses
fees,
fines
and
other
Revenue,
along
with
forecasts
for
various
tax
credit
programs
that
may
be
taken
against
certain
general
fund
Revenue
sources
for
presentation
to
The
Forum
at
the
economic
forums
May
1st
2023
meeting
on
Mr
Nakamoto.
Would
you
please
walk
us
through
that.
C
Certainly,
thank
you
Mr
chair
members
of
the
technical
advisory
committee.
For
the
record.
My
name
is
Michael
Nakamoto,
Chief
principal
Deputy,
fiscal
analyst,
with
the
fiscal
analysis,
division
of
the
legislative,
Council,
Bureau
and
I
will
be
going
through
this
agenda
item
today
for
your
reference
and
for
those
people
who
are
watching
over
the
Internet.
There
are
five
tables
that
were
prepared
by
staff
for
this
meeting
today,
the
members
of
the
committee
do
have
paper
copies
in
front
of
them.
C
The
anybody
who
is
watching
the
meeting
online
can
go
to
budget.nv.gov
meetings,
slash
budget
underscore
Division
and
they
will
be
able
to
get
PDF
copies
of
all
five
of
these
documents
there
so
I'll
walk
through
them
and
just
kind
of
give
a
brief
overview
of
the
documents
that
you
have
in
front
of
you.
The
first
one
called
table.
C
One
is
general
fund
revenues,
year-to-date
actuals
for
both
FY
22
and
FY
20,
three
through
the
end
of
March,
so
for
a
lot
of
the
revenue
sources,
it's
kind
of
different
based
on
when
they're
collected,
for
example,
for
the
Department
of
Taxation,
their
monthly
tax
revenues
it's
through
January.
Just
because
of
the
way
that
they
are
collected,
so
it's
seven
months
worth
of
information
for
their
quarterly
taxes.
C
It's
through
the
first
two
quarters,
the
Department
of
Taxation,
will
not
release
information
on
quarterly
taxes,
such
as
the
modified
business
tax
or
the
sales
and
use
tax
until
the
end
of
May.
So
we
only
have
at
the
end
of
March.
We
only
have
the
first
two
quarters
for
The
Gaming,
Control
Board.
They
have
different
schedules
as
well
as
well
as
the
Secretary
of
State
and
so
on,
and
then
for
many
of
the
others.
C
It's
just
based
on
the
information
that
we're
able
to
get
out
of
the
controller
system
through
March
31st
of
both
2022
and
2023..
You
also
have
Table
Three,
which
are
the
general
fund
Revenue
forecasts
for
each
of
the
forecasters,
so
the
agency
who's
responsible
for
collecting
those
taxes
or
fees
that
are
part
of
the
forecast
process.
Fiscal
refers
to
the
fiscal
analysis.
Division
of
LCB
and
budget
is
the
budget
division
of
the
governor's
finance
office
so
table
3
lists
all
of
the
forecasts
that
are
part
of
the
consideration
for
today's
meeting.
C
There's
also
Table
Three
difference,
which
is
essentially
those
forecasts
that
were
prepared
for
each
of
the
forecasters
compared
to
the
forecasts
that
were
presented
to
this
body
at
the
meeting
back
in
late
November
in
advance
of
the
December
economic
Forum.
So
it'll
go
through
all
of
those
show
what
the
differences
are
in
those
forecasts
by
forecasters,
then
the
last
two-
and
these
are
the
two
that
are
probably
going
to
have
the
most
attention
paid
to
them
as
part
of
this
agenda
item.
The
first
is
technical
advisory
committee.
General
fund
revenue
forecast
May
1st
2023.
C
This
is
the
consensus
forecast
that
was
developed
in
evaluating
all
of
the
forecasts
from
the
agency,
as
well
as
the
fiscal
Division
and
the
budget
office.
The
staff
from
the
fiscal
analysis,
Division
and
the
budget
office
met
earlier
this
week
to
consider
all
of
these
and
then
based
on
our
consideration
of
all
of
those
forecasts.
This
is
the
consensus
forecast
that
is
being
presented
to
you
for
your
consideration
today
and
then
the
last
one
that
says
difference.
Technical
advisory
committee
forecast,
April,
21,
2023
versus
November
29
2022
is
again
simply
the
difference
between
this
consensus.
C
Forecast
compared
to
the
consensus
forecast
that
was
presented
to
this
body
back
on
November
29th
in
advance
of
that
meeting,
for
the
economic
Forum
on
December
5th.
So
having
gone
through
that
Mr
chair
I
will
basically
walk
you
through
the
technical
advisory
committee,
consensus,
forecast
and
and
kind
of
go
through
some
of
the
highlights
of
the
forecast
as
it
were,
and
at
your
direction.
I
can
stop
for
questions
or
if
we
want
to
do
it
after
every
page,
we
can
do
that
as
well.
C
That
works.
Thank
you,
Mr,
chair
again,
Michael
Nakamoto,
with
the
fiscal
analysis,
division
for
the
record,
so
we'll
start
with
mining
tax.
And
if
you
look
at
the
net
proceeds
of
minerals
and
especially
when
you're
looking
at
the
difference
table,
you
can
see
a
significant
downward
revision
to
both
and
especially
to
the
net
proceeds
of
minerals
tax
and
the
reason
why
the
forecast
has
gone
down
by
just
over
70.3
million
is
due
to
legislative
action
that
was
approved
very
early.
C
This
session,
Senate
Bill
126,
was
approved
by
the
legislature
and
signed
by
Governor
Lombardo.
Basically,
what
it
did
is
it
undid
the
prepayment
provisions
that
were
originally
established
by
the
legislature
and
Senate
Bill
3
of
the
31st
special
session,
and
basically,
what
that
said
is
for
FY
21,
22
and
23.
C
mining
companies
were
required
to
prepay
their
their
state
general
fund
portion
of
their
tax,
based
on
their
estimates
of
the
current
calendar
year
activity
and
those
Provisions
were
supposed
to
expire
at
the
end
of
this
year,
meaning
they
would
have
made
those
payments,
their
estimated
payment
for
calendar
year
2023,
which
was
reflected
on
the
economic
Forum
sheets
for
FY
23.
But
the
legislature
chose
to
end
those
Provisions
early,
thereby
not
requiring
the
minds
to
make
that
prepayment.
So
we
have
reduced
the
forecast
because
that
prepayment
was
not
made.
C
The
mines
will
still
be
required
to
pay
their
tax,
but
they
will
be
paying
it
under
the
current
law,
which
says
they'll
make
it
as
an
actual
payment
again
in
FY
224
against
their
actual
activity
in
2023,
which
is
to
be
deposited
into
the
State
education
fund,
rather
than
the
state
general
fund
and
as
a
result,
then
the
forecasts
for
the
general
fund
portion
of
the
net
proceeds
of
minerals
tax
remain
at
zero
in
2012
and
FY
24,
because
that
money
is
now
going
to
the
the
State
education
fund
under
current
law.
C
So
under
next
under
GL
3074,
the
mining
gross
revenue,
tax,
gold
and
silver,
you
can
see
a
downward
revision
of
approximately
9.8
million
dollars
compared
to
the
November
29th
forecast,
and
this
is
based
on
information
that
was
provided
to
us
by
the
Department
of
Taxation.
The
tax
returns
for
this
tax
have
come
in
and
they
are
analyzing
the
information
and
and
what
has
should
be
reported
and
what
has
actually
been
collected
and
based
on
the
information
that
they
have.
C
They
feel
that
the
downward
revision
was
appropriate
here,
based
on
those
those
returns
that
they
are
seeing
moving.
Next
to
the
gaming
taxes
as
the
normal
practice,
the
gaming
taxes
in
this
block
that
are
being
provided
to
you
today
are
were
done
by
the
Mr
Lawton
from
The
Gaming
Control
Board.
We
had
conversations
in
our
office
with
him
on
some
of
the
the
information
that
he
provided.
He
answered
some
questions
for
us.
C
We
felt
comfortable
with
going
with
that
Mr
gortari
at
the
gfo
concurred
with
that,
and
so
the
forecast
that
we
have
presented
here
for
you
are
The
Gaming
Control
boards,
with
a
downward
revision
of
approximately
719
thousand
dollars
in
FY
23
and
upward
revision
of
approximately
1.5
million
in
fy24
and
a
downward
revision
of
191
700
in
fy25
the
transportation
connection
excise
tax.
C
This
has
an
upward
revision
of
approximately
2.3
million
dollars
in
FY
23,
1.8
million
in
fy24,
and
about
1.2
million
dollars
in
fy25
right
now.
If
you
were
to
go
back
and
look
at
table
one,
you
would
see
that
the
actual
year-to-date
collections
are
up
74.7
percent.
It
is
performing
very
well
with
the
increased
tourism
in
Clark,
County
and
elsewhere,
and
we,
while
we
don't
see
it
necessarily
keeping
at
that
plus
74.7
percent.
C
You
can
see
that
this
resulted
in
an
upward
revision,
just
mostly
because
those
year-to-date
collections
are
have
increased,
and
then
that
goes
through
the
forecast
Horizon
on
the
flip
side
of
that,
though,
is
the
cigarette
tax,
which,
right
now
year
to
date,
is
down
7.7
percent
and,
as
we've
looked
at
the
information
and
just
some
of
the
other
things
that
we've
gotten
our
eyes
on.
C
This
resulted
in
a
downward
revision
of
this
forecast
of
about
9.3
million
dollars
in
FY
23
about
8.4
million
dollars
in
FY
24,
and
about
almost
8.3
million
dollars
in
fy25
and
again
I.
Think
as
we've
looked
at
it,
just
people
are
not
smoking
as
much,
and
this
is
a
not
uncommon
thing.
This
has
been
going
on
for
years,
but
for
whatever
reason,
the
year
to
date
in
FY
23,
the
collections
have
really
fallen
off
in
terms
of
the
the
stamps
that
have
been
purchased.
C
E
Thank
you
Mr
chair,
so
the
question
I
have
is,
and
it
deals
with
the
flat
fees,
restricted
slots,
non-restricted
slots
and
quarterly
fees
games
in
the
actuals
for
the
current
year,
they're
down
pretty
significantly
21
for
the
flat
fees,
17,
non-restricted
and
18.6
percent
on
quarterly
fees.
But
yet,
when
you
look
at
the
forecast,
it's
pretty
flat,
is
there
a
reason
for
it
was
a
for
that.
C
Mr
chair
through
you
to
member
Walker
Michael
Nakamoto
for
the
record.
We
have
Mr
Lawton
from
The
Gaming
Control
Board
available
on
the
zoom
I.
Think
I
would
like
him
to
address
that
particular
question.
Thank
you.
F
Yeah
hi
good
afternoon
for
the
record
Mike
Lawton
senior
economic
analyst
for
the
Nevada
game
and
control
board.
I
would
imagine
that
the
tables
that
Mr
Nakamoto
had
mentioned
are
updated
through
March
of
March
31st.
F
So
there's
a
lag
there
and
the
percentages
that
you're
showing
that
are
are
down
significantly
I,
don't
believe,
that's
the
case
right
now.
I'm
gonna
pull
up
something,
and
just
read
that
to
you
give
me
a
moment.
F
Sorry
for
the
delay
so
for
the
restricted
slot
flat
fees
through
June
2022
through
April,
30th,
2022
or
excuse
me,
April,
15
2023,
the
restricted
flat
fees
are
are
actually
up.
0.08
percent,
the
non-restricted
slot
fees
are
up
1.01
percent
and
then
the
quarterly
games
fees
are
down
point
eight
percent,
so
I
just
think.
There's
a
timing
issue
there.
What
you
have
on
your
sheets
compared
to
what's
actually
in
the
controller's
office
through
April
middle
of
April.
B
Any
other
questions.
Okay,
please
go
on.
C
Thank
you,
Mr
chair
again,
Michael
Nakamoto,
with
the
fiscal
analysis.
Division
for
the
record.
I
will
have
you
turn
to
page
three
of
each
of
the
tables.
Just
because
page
two
is
the
modified
business
tax
and
all
of
those
will
be
blank
because
those
will
be
revenues
that
are
discussed
by
the
economic
Forum
at
their
meeting
on
May
1st.
C
So
on
page
three
I
think
the
ones
that
are
worth
pointing
out
are
the
under
other
taxes,
so
the
first
one
would
be
the
business
license
fee,
which
you
can
see
revision
downward
revisions
in
all
three
fiscal
years
year
to
date.
C
Right
now,
if
you
were
to
look
at
table
one
that
the
business
license
fee
is
actually
up
0.7
percent,
but
there
are
some
pretty
strong
months
that
we're
comparing
against
and
then
the
early
information
that
we've
gotten,
that
would
we
would
be
reflecting
in
an
April
update
for
the
the
actuals
shows
a
pretty
significant
decline
year
over
year.
So
this
is
I
think
resulted
in
all
of
the
forecasters,
reducing
their
forecasts
that
and
not
necessarily
by
significant
amounts.
C
The
reduction
is
about
1.3
million
dollars
in
FY
23
and
about
1.4
million
in
FY
24,
with
the
largest
reduction
of
about
2.6
million
dollars
in
fy25,
and
this
is
just
trying
to
calip,
mostly
calibrating
against
what
we're
seeing
year
to
date.
Similarly,
with
the
liquor
tax
and
the
other
tobacco
tax,
those
are
actually
down
here
to
date.
Right
now,
the
liquor
tax
is
down
3.9
percent.
C
It's
down
1.5
percent
right
now
and
then
we'll
actually
be
declining
a
little
bit
even
more
than
that
to
a
minus
3.6
percent
in
FY
23..
So
the
the
resultant
impact
when
you
take
those
two
excise
taxes
together
is
a
reduction
of
approximately
one
or
two
point:
eight
million
dollars
in
FY
23
about
1.9
million
in
fy24
and
approximately
2.8
million
dollars
in
fy25
and
again.
This
is
just
because
these
taxes
seem
not
to
have
been
performing.
C
What
to
the
level
that
we
had
anticipated
back
in
November,
we
can
go
through
the
tax
credits,
I
believe
at
the
end,
if
that
is
your
preference
Mr
chair,
otherwise,
I
will
see
if
there
are
any
questions
about
those
three
taxes
or
anything
else.
On
this
page.
B
Any
questions
Miss
Walker.
E
Sorry
I'm
the
Newbie
so
on
the
hecc
transfer
is,
is
that
and
it's
a
flat
five
million
dollars?
Is
that
something
that
comes
in
at
the
end
of
the
year
or
again?
What?
What
is
that.
C
Mr
chair
through
you
to
miss
Walker,
Michael
Nakamoto
for
the
record,
that
is
a
portion
of
gaming
taxes.
It's
an
annual
slot
tax
I,
believe
that
is
collected
by
The,
Gaming,
Control,
Board
and
there's
a
statutory
distribution
of
that
in
the
first
five
million
of
the
proceeds
go
to
the
higher
education
Capital
Construction
fund,
and
that
does
occur
at
the
end
of
the
fiscal
year.
C
C
All
right,
thank
you,
Mr
chair
again,
Michael
Nakamoto
for
the
record
on
page
four
of
the
tables
under
licenses.
There
are
a
few
that
I
think
I
will
highlight
here
of
some
notable
revisions.
The
first
is
under
Secretary
of
State
the
UCC
filings,
which,
even
though
right
now
is
up
year-to-date.
This
is
another
Revenue
Source,
where
there's
pretty
strong
comparisons
and
the
early
information
that
we're
getting
from
the
Secretary
of
State's
office
suggests
that
the
revenues
are
decreasing
through
March
and
into
April.
C
So,
while
we're
up
not
1.9
percent
year-to-date,
you
can
see
the
forecast
is
actually
from
minus
1.3
percent
and
it
results
in
ravish
downward
revisions
of
around
two
hundred
thousand
dollars
per
fiscal
year.
Basically,
I
think
one
of
the
things
that
we
observed
is
during
the
pandemic.
There
was
an
increase
in
the
the
UCC
filings,
so
the
Secretary
of
State,
because
there
was
a
condition
for
a
lot
of
the
federal
stimulus,
the
PPP
loans
and
so
on
that
a
lot
of
businesses
had
to
actually
do
certain
filings
in
this
area.
C
To
get
that,
and
so
it's
not
something.
That's
necessarily
repeating
now
that
a
lot
of
those
Federal
stimulus
programs
have
gone
away
next
under
GL
3130
commercial
recordings.
This
is
the
Secretary
of
State,
registering
businesses,
corporations
and
other
entities,
the
annual
lists
and
so
on
year
to
date,
that
is
down
one
2.2
percent,
and
so
that
was
certainly
weaker
than
I.
C
Think
many
of
us
thought
at
the
beginning
of
the
fiscal
year
or
earlier
in
the
fiscal
year,
so
the
the
forecast
right
now
is
for
a
1.9
percent
decrease
so
little
bit
of
growth
back,
but
not
that
much
and
as
that
goes
through
the
forecast
Horizon
it's
just
under
a
million
dollars
a
year
in
FY,
23
and
24
that
would
be
reduced
and
then
a
reduction
of
close
to
1.6
million
dollars
in
fy25.
C
The
under
the
last
line
for
the
secretary
of
state
is
GL
3152
Securities,
which
right
now
is
up
5.3
percent
year-to-date.
But
this
is
again
another
one
where
there's
some
fairly
strong
comparisons
going
into
the
last
several
months
of
the
fiscal
year,
and
so
the
the
end
result
is
a
increase
forecast
of
only
1.7
percent.
C
Nonetheless,
I
think
the
the
forecast
before
were
actually
slightly
negative
to
this,
so
we're
not
going
to
pick
up
that
entire
5.3
percent,
but
there
is
an
increase
in
the
forecast
here
of
approximately
1.7
million
dollars
per
year
in
FY,
23
and
24,
and
for
that
matter,
in
fy25
as
well.
It's
just
taking
that
and
kind
of
growing
it
into
the
base.
C
The
last
one
that
I
think
is
worth
pointing
out
in
under
licenses
is
the
athletic
commission
fees
it's
the
very
last
line
under
total
licenses,
GL
3102.
This
are
the
fees
for
unarmed
combat
that
are
collected
by
the
athletic
Commission
on
things
like
boxing
mixed,
martial
arts
and
so
on.
Right
now,
which
are
down
about
30.5
percent,
and
this
is
one
that
is
event
dependent,
so
every
time
that
there's
a
UFC
card
down
in
Las
Vegas
or
a
boxing
match,
or
some
other
kind
of
event
of
this
magnitude.
C
We
receive
money
based
on
the
admissions
price
of
those
and
so
right
now
it
does
not
seem
that
they've
been
performing
not
that
the
events
aren't
happening,
but
just
based
on
my
quick
observation.
C
Ufc
events
happen
all
over
the
world,
so
they
might
be
choosing
to
have
them
in
London
or
Dubai
or
Hong,
Kong
or
somewhere
else.
That's
not
Las,
Vegas
and
so
I
think
the
the
collections
are
reflecting
that
and
then
we
had
a
little
bit
of
downward
revision
of
the
forecast
going
out
just
because
of
the
uncertainty
not
that
the
events
aren't
going
to
occur.
But
it's
just
a
matter
of
where
they're
going
to
occur
and
there's
not
a
lot
of
predictability.
C
They
don't
release
these
schedules
that
far
in
advance
that
we
get
a
really
good
handle
on
what's
Happening
in
to
2024
2025.
So
there
are,
as
you
can
see,
revisions
to
all
three
fiscal
years
in
a
negative
fashion,
moving
to
fees
and
fines,
I'll
point
out
divorce
fees,
GL
3203,
that
there
are
downward
revisions
to
those
through
the
first
eight
months.
This
is
a
monthly
tax
that
is
or
a
monthly
fee.
C
That's
collected
when
a
divorce
is
filed
in
any
of
the
17
counties
and
then
those
proceeds
are
remitted
to
the
the
state
and
deposited
in
the
state
general
fund.
For
whatever
reason,
and
whether
this
is
a
good
thing
or
not,
in
general,
divorce
filings
are
down
and
people
are
just
not
getting
divorced
right
now,
and
so
it
has
caused
I
think
everybody
to
reduce
their
forecasts
going
through
the
Horizon,
whether
things
change
and
people
start
getting
divorced.
We
don't
know,
but
right
now
the
trend
seems
to
be
that
they
are
going
down.
C
C
Also
because
those
filings,
it's
the
same
thing
with
those
collections
are
collected
or
the
fees
are
collected
at
the
counting
level
and
they're
remitted
to
the
state,
and
so
the
activity
is
just
down,
so
it
caused
I
believe
the
forecasters
to
reevaluate
that
going
down
under
underneath
the
total
real
estate
fees
is
GL
3066,
which
is
short-term
car
lease,
which
year
to
date,
is
up
14.4
percent,
with
the
increase
in
visitors,
a
lot
of
them
flying
in,
and
many
of
them
choose
to
use
Uber
and
Lyft,
which
helped
the
transportation
connection
network
tax
that
we
talked
about
on
the
first
page,
but
a
lot
of
them
are
still
choosing
to
Simply
rent
a
vehicle
and
so
we're
seeing
those
collections
increase
and
year
to
date
they
are
fairly
strong.
C
So
that
resulted
in
most
of
the
forecasters
having
an
increase
in
their
forecasts
for
this
Revenue
Source
just
to
True.
Up
with
that,
this
GL
also
includes
the
proceeds
from
the
peer-to-peer
tax.
It's
a
similar
tax,
except
instead
of
being
on
rental
car
companies.
It's
through
the
peer-to-peer
rental
companies
such
as
turo,
so
it's
kind
of
an
Airbnb
for
a
car.
So
you
can
actually
rent
somebody
else's
car
and
drive
that
around
as
if
it
were
Hertz
or
Avis,
but
instead
it
belongs
to
somebody
else.
C
We,
those
collections,
are
combined
in
there
and
the
activity
on
that
is
included
as
well.
So
you
can
see
revisions
of
that
of
more
than
two
million
dollars
in
the
positive
direction
in
each
fiscal
year
and
then
the
last
one
that
is
worth
pointing
out
is
GL,
3271,
miscellaneous
fines
and
forfeitures.
There
are
about
eight
or
nine
different
agencies
that
just
collect
fees,
fines,
anything
that
aren't
necessarily
categorized
and
they
get
put
into
this
bucket
here.
C
The
economic
forums
forecasted
growth
back
in
December
was
at
11.9
percent
year-to-date
we're
only
up
5.2
percent,
and
so
while
this
is
actually
still
doing
better
than
what
we
had
than
what
the
actuals
were
in
FY
22,
it
resulted
in
a
downward
revision
just
to
kind
of
true
up
to
that
that
it's
not
performing
to
the
level
that
we
had
anticipated.
But
you
can
see
at
the
bottom
on
the
difference.
C
B
I
I
had
just
one
question:
looking
at
3161
the
real
estate
license,
especially
with
the
housing
market
shifting
it
looks
like
that's
a
fairly
flat
forecast.
It's
wonder
if
there
was
any
thought
given
to
what
might
be
changing
in
the
the
real
estate
market
there
and
if
that
forecast
seems
reasonable
in
light
of
those
changes.
C
Thank
you,
Mr
chair,
Michael
Nakamoto
for
the
record
I'm
not
going
to
speak
for
the
real
estate
division
because
they
did
the
agency
forecaster
for
Mr
gertari,
but
in
the
eyes
of
the
fiscal
analysis
division
when
we
did
our
forecasts
back
in
December
or
back
in
late
November
as
well
as
now,
we
kind
of
took
that
into
account
kind
of
tying
in
okay.
What
is
the
real
estate
market
doing?
C
We
actually
make
a
request
to
the
real
estate
division
based
just
on
the
licenses
that
they're
issuing,
because
they've
got
10
or
12
different
licenses
that
they
issue
for
Brokers
and
and
real
estate
offices,
and
things
like
that
and
kind
of
evaluated
that
just
to
look
at
where
we
were
and
I
think
if
you
were
to
go,
look
at
table
three,
the
difference
for
the
fiscal
analysis
division.
We
actually
pulled
our
forecast
down
to
take
that
into
account.
C
Thank
you,
Mr
chair
again,
Michael
Nakamoto
for
the
record
on
the
last
page
of
the
forecasts
under
use
of
money
and
property.
You
can
see
the
other
repayments
listed
there
again.
This
is
the
legislature
or
there's
been
various
legislative
activity
that
has
essentially
given
loans
to
various
agencies
from
the
state
general
fund,
with
a
schedule
for
the
repayment
of
those
proceeds.
The
numbers
that
you
see
in
here
for
the
consensus
forecast
are
identical
to
what
was
presented
at
the
previous
meeting.
There
have
been
no
changes
to
the
schedules
on
any
of
these.
C
The
next
is
interest
income
and
the
the
big
change
that
is
worth
talking
about
here
is
under
GL
3290
Treasures
interest
income.
The
forecast
that
is
being
presented
for
your
consideration
today
is
from
the
the
treasurer's
office.
We
based
on
the
information
that
they
had
with
respect
to
the
balance,
the
investable
balance,
interest
rates
and
yields
have
presented
these
forecasts.
C
We
had
conversations
the
fiscal
analysis,
Division
and
gfo
met
with
the
treasurer's
office
staff
earlier
this
week
to
go
through
their
assumptions
and
and
the
methodology
and
everything
and
we
were
comfortable
with
what
they
are
presenting.
However,
we
do
acknowledge
that
it
is
a
significant
upward
revision
and
it
is
the
bulk
of
the
upwork
revision
to
the
forecast
that
is
being
presented
to
you
today
we
do
have
representatives
from
the
treasurer's
office
I
believe
Treasurer
conine
is
on
the
zoom.
C
In
fact
there
he
is,
and
if
there
are
any
questions
about
that
forecast,
we
would
direct
them
or
requests
that
they
be
directed
to
him.
If
this
is
a
good
time
to
stop
and
do
that,
we
can
do
that.
Otherwise,
we
can
go
through
just
a
couple
of
things
on
under
the
other
Revenue
category,
yeah.
G
Well,
hello:
everyone
thanks
so
much
for
having
us
today
for
the
record.
Treasurer
Zach
konine,
just
talk
a
little
bit
about
the
interest
forecast
expectations
on
our
end.
It's
really
a
tale
of
two
things.
One
assets
under
management
continue
to
be
higher
than
were
expected.
Some
of
that
is
the
delay
in
getting
orpa,
spend
out
the
door
or
to
spend,
unlike
most
other
Federal
spend.
When
we
make
interest
earnings
off
of
it,
we
can
use
them
for
other
purposes
as
opposed
to
the
underlying
Source
or
purpose
of
the
federal
dollars.
G
So
that's
helpful.
Obviously
we
want
to
get
those
dollars
out
the
door,
so
they
can
help
people,
but
in
the
interim,
we're
using
them
to
make
quite
a
bit
of
money.
Additionally,
most
of
what
we
invest
in,
as
you
all
know
is,
is
pretty
boring
right.
It's
it's
treasuries
and
agencies,
things
that
are
directly
impacted
by
the
recent
hikes
in
the
Federal
Reserve.
As
you
know,
Federal
Reserve
has
been
in
a
period
of
pretty
rapid
hiking
75
bips
basis
points.
G
Excuse
me
0.7
and
five
of
a
percent
in
September
the
same
in
November,
50
basis
points
in
December.
Two
more
25
basis
point
increases
in
February
and
March
and
at
least
based
on
what
we
see
in
the
markets
and
expectations
at
the
beginning
of
May
there'll
be
another
increase,
so
we've
had
rapidly
Rising
interest
rates,
which
is
the
thing
we
can
buy.
G
We
are
spending
a
lot
more
time
being
prepared
than
say
you
know
10
years
ago
in
this
office
for
those
increases
and
are
able
to
invest
the
funds
that
we
have,
which
are
larger
more
effectively
for
FY
23.
We
can
see
the
impact
of
the
first
and
second
quarter.
Fed
rate
increases
on
returns
are
already
generated.
Second
quarter,
earnings
of
29.7
million
surpasses
the
total
earnings
for
each
of
the
pi.
Prior
three
fiscal
year
totals
and
was
about
two
and
a
half
times
the
first
quarter.
G
Results
of
one
point:
11.9
excuse
me
million.
We
expect
the
third
and
fourth
quarter
will
continue
you
that
Trend,
although
with
a
bit
less
of
a
jump
to
scope
it
for
you
much
of
the
paper
that
we
see
providing
returns
in
the
portfolio
right
now
is
in
the
four
and
five
percent
range
versus
a
year
ago,
or
a
little
bit
more
than
a
year
ago,
when
we
were
in
a
sub
one
percent
range
with
a
lot
of
the
portfolio
overnight.
G
Rates
are
exceeding
four
and
a
half
percent
versus
about
a
year
and
a
half
ago
when
we
were
in
the
0.08
right,
eight
basis.
Points
versus
450
basis,
points
happy
to
answer
any
other
question,
but
we
are
simply
in
a
different
world
and
so
using
the
same
methodology
that
we've
used
in
the
past
produces
these
results
and
we
feel
pretty
comfortable
about
them.
D
Thank
you
Mr
chairman,
so
in
terms
of
the
American
Rescue
plan,
act
dollars
that
that
are
currently
being
that
are
currently
incurring
interest.
D
What
what
factors
did
you
take
into
consideration
in
terms
of
that
starting
to
be
utilized
by
the
state
agencies,
and,
and
did
you
take
into
consideration
like
at
what
percentage
this
would
be
fully
expended
by
fiscal
year?
2025-Ish.
G
Thank
you
for
the
question
treasure
Conan
for
the
record,
so
we're
using
projections
that
are
coming
out
of
the
governor's
finance
office
as
far
as
their
intended
spend
and
then
sort
of
pushing
those
projections
back
when
the
spend
didn't
occur
in
the
quarter
that
originally
it
was
projected
to,
and
so
of
course,
the
plan
is
from
State
perspective
to
spend
down
all
those
dollars.
G
For
the
most
part,
arpa
dollars
need
to
be
obligated
by
December
31st
of
2024
and
spent
by
December
31st
of
2026,
and
the
the
Assumption
in
this
model
is
that
we
are
spending
effectively
on
a
straight
line
between
here
and
there,
which
is
what
gfo
the
governor's
finance
office
excuse
me
is
currently
planning.
There's
some
adjustment
in
that
number,
but
that's
a
that's
pretty
fair
summation.
B
Thank
you
other
questions,
I
I
think
I
I.
Just
have
one
question
get
given
that
statement
about
the
spin
down
of
the
the
arpa
dollars
is
we're
looking
at
the
the
out
year
of
the
forecast
FY
2025.
What
would
the
mix
of
dollars
on
that
that
that
forecast
is
based
on
then
be
more
heavily
weighted
toward
a
normal
State
dollars
being
in
the
bank,
or
is
that
still
mostly
arpa
dollars?
That'll
be
getting
spent
out
toward
the
the
end
of
that
period?.
G
Treasure
Conan
for
the
record.
That's
a
that's
a
good
question.
It
is
a
closer
mix
of
arpa
and
State
dollars
than
say
in
the
current
expectation,
but
remember.
A
lot
of
the
arbit
dollars
are
Revenue
loss
dollars
which
effectively
get
co-mingled
with
the
rest
of
the
general
fund,
and
so
as
a
lot
of
the
other
Revenue
lines
in
the
state
continue
to
perform.
Unless
there's
some
massive
increase
in
spending,
which
is
not
meant
for,
we
expect
the
balance
to
remain
High.
G
The
other
thing
that's
going
to
happen
is
that
all
of
we
are
still
dealing
with
a
part
of
the
portfolio
that
was
invested
in
prior
to
interest
rates,
Rising
tremendously,
and
so
that
is
still
burning
off,
and
so
the
average
yield
of
the
portfolio
will
continue
to
rise,
as
everything
is
invested
at
the
current
levels,
as
opposed
to
partially
invested
at
the
current
levels.
B
All
right,
thank
you
very
much.
If
there
is
no
other
questions,
you
would
say
thank
you
for
your
time
and
we
can
move
on.
C
Lastly,
under
other
Revenue,
there
are
only
a
couple
that
I
I
think
are
worth
pointing
out
in
this
block,
and
the
first
is
the
expired
slot
wagering
vouchers
that
is
The
Gaming
Control
boards
forecast
under
GL
3047
and
just
based
on
the
year-to-date
activity
that
Revenue
sources
up
19.7
percent
year
to
date,
The
Gaming,
Control
Board
thought
it
worthwhile
to
increase
their
forecast
by
about
1.7
million
dollars
in
FY
23
about
one
point
or
2.1
million
dollars
in
FY
24
and
approximately
2.4
million
dollars
in
FY
25,
and
that
was
reasonable
to
at
least
fiscal
staff
as
well
as
to
gfo.
C
So
the
forecast
that
you
see
there
is
the
agency's
forecast.
Lastly,
under
unclaimed
property
at
the
very
bottom,
the
last
Revenue
Source
under
other
Revenue
GL
3255.
This
is
an
average
of
the
agency's
budget,
our
forecast,
as
well
as
the
fiscal
analysis
Division,
and
so
basically,
what
you'll
see
if
you,
especially
if
you
were
to
look
at
the
table
three
difference-
is
that
there
are
revisions
by
all
of
the
forecasters
relating
to
unclaimed
property.
This
again,
we
had
the
the
the
tables
and
things
that
Mr
ginden
did
at
the
last
meeting
regarding
unclaimed
property.
C
This
is
all
of
the
unclaimed.
C
Securities
bank
accounts
gift
certificates,
whatever
that
get
turned
over
under
state
law
to
the
state
to
the
treasurer's
office,
then
the
treasurer
and
his
staff
evaluate
that
and
they
do
what
they
are
doing,
and
then
they
have
their
campaigns
to
get
people
to
come
claim
claim
their
funds,
and
so
you
have
the
inflows
of
this
money
coming
in
plus
you
have
the
outflows
of
people
who
are
claiming
their
proceeds
that
are
being
held
by
the
state
and,
as
we've
looked
at,
where
we
were
year
to
date
through
the
the
middle
of
April,
it
looks
based
on
at
least
for
fiscal
hour.
C
C
But,
on
the
other
side,
the
the
receipts
that
are
coming
in
those
seem
to
be
a
little
bit
down,
and
so
the
end
result,
I
believe
is
the
the
forecast
that
you
see
here,
which
is
a
reduction
of
about
five
million
dollars
y23
and
then
reducing
by
approximately
2.2
million
in
FY
24
and
about
1.7
million
dollars
in
fy25
and
I.
Think
what
that
is
suggesting
at
least
as
a
forecaster.
C
C
So
that
results
in
that
those
negative
revisions
into
a
range
of
around
42
million
dollars
a
year
which
is
still
I,
think
a
little
higher
than
what
we've
seen
historically
going
back
in
FY,
21
and
then
even
before
the
pandemic.
But
it's
certainly
lower
than
the
56
million.
That
was
on
the
sheets
as
the
actuals
in
FY
20
to
so.
If
there
are,
this
might
be
a
good
point
to
stop
and
see
if
there
are
any
questions
about
anything
on
this
page
in
the
other
Revenue
before
I,
move
on
to
the
tax
credits.
D
Thank
you
Mr
chairman,
so
for
the
court
administrative
assessments
there's
zero
dollar
amounts
and
in
the
the
executive
budget
the
governor
was
recommending
that
Court
administrative
assessments
no
longer
go
to
the
specific
agencies
that
were
identified
in
in
that
statute.
When
we're
going
to
be
put
back
to
the
unrestricted
general
fund
appropriation
or
excuse
me,
the
unrestricted
general
fund,
where,
where
would
that
be
accounted
for.
C
Thank
you,
Mr,
chair
through
you
to
Miss
Kaufman
those.
If
that
action
were
approved
by
the
legislature,
that
they
would
go
into
GL
3109
under
the
court
administrative
assessments.
This
is
the
one
where
there
you
have
this
fee
that
is
collected
or
this
assessment
that's
collected
and
a
certain
percentage
goes
to
certain
programs,
and
then
another
percentage
goes
to
other
programs,
and
then
anything
that
is
above
what
is
legislatively
approved
goes
is
supposed
to
go
to
the
state
general
fund.
C
This
is
something
that
we
usually
handle
as
a
legislative
adjustment
after
the
conclusion
of
session.
Once
all
of
those
budgets
have
been
closed,
and
we
know
how
much
if
any
of
this
Revenue
would
be
coming
back
to
the
state
general
fund.
If
that
action
were
approved,
then
we
would
be
adding
that
to
this
section
here,
but
until
a
budget
is
closed,
that
forecast
remains
at
zero.
C
C
There
is
one
that
is
listed
on
the
sheet
that
we
are
going
to
ask
for
a
revision
based
on
some
information
that
we
just
received
and
I'll
go
through
that
when
we
get
to
it
so
the
first
one
is
the
film
transferable
tax
credits,
so
the
film
office,
within
the
governor's
office
of
economic
development,
is
allowed
to
issue
transferable
tax
credits
for
qualifying
Productions
of
Motion,
Pictures
Television,
and
so
on.
C
C
C
Several
years
ago,
you'll
note
that,
under
these,
there
is
actually
there
are
credits
eligible
to
be
awarded
in
fy24
and
fy25.
This
is
as
a
result
of
actions
taken
by
the
interim
finance
committee.
At
their
meeting
on
January
31st,
there
was
an
application
by
Redwood
materials
for
transferable
tax
credits
under
the
provisions
allowing
for
transferable
tax
credits
to
be
issued
to
eligible
projects
with
a
capital
and
investment
of
at
least
one
billion
dollars.
C
The
goad
board
approved
that
application,
but
under
the
provisions
in
statute,
the
interim
finance
committee
has
to
approve
the
issuance
of
the
abatement
or
the
the
tax
credits
which
they
did
at
their
meeting
on
January
31st.
So
this
950
thousand
dollars
in
fy24
and
475
thousand
dollars
in
fy25
is
based
on
the
estimates
that
were
provided
to
To
Us
by
goed
on
the
application
from
Redwood
materials,
and
so
we
thought
that
that
was
reasonable.
Based
on
the
total,
it
was
about
2.1
million
dollars
in
credits
that
could
be
awarded
under
the
application.
C
The
remaining
portion
of
that
would
be
shown
on
the
sheets
in
FY
26,
but
that
is
the
adjustment
that
results
here.
Is
that
we're
now,
accounting
for
these
tax
credits
that
were
approved
by
the
interim
finance
committee
at
the
end
of
January
under
Catalyst
account
transferable
tax
credits?
This
is
the
item
or
the
tax
credit
that
we
are
going
to
request
the
adjustment
to
what
is
listed
here.
We
had
previously
had
zero
credits
and
FY
23,
24
and
25.
C
The
information
that
we
were
receiving
from
the
Department
of
Taxation
indicated
that
there
had
been
some
of
these
credits
that
were
taken
in
FY
23
against
one
of
the
taxes,
the
insurance
premium
tax.
It
turns
out
that
that
was
a
reporting
error
and
that
these
were
not
actually
taken
by
a
taxpayer
against
that
tax.
So
our
request
is
when
this
item
and
the
forecasts
are
being
approved,
that
it
be
approved
instead
of
being
at
minus
475
000.
That
would
be
approved
at
zero,
that
there
will
be
no
credits
taken
against
this
program.
C
At
any
point,
during
the
forecast
Horizon
under
Nevada
new
markets,
Jobs
Tax
tax
credits-
this
is
the
program
by
which
insurance
companies
can
make
qualified
Investments
that
go
into
certain
Community
investments
in
eligible
areas.
This
was
originally
approved
by
the
legislature
in
the
2013
session.
It
was
reauthorized
with
an
additional
amount
of
credits
in
the
2019
session,
the
forecasts
that
you
see
here,
the
minus
24
million
in
FY,
23
and
24,
and
then
minus
22
million
in
fy25.
C
This
is
based
on
the
statutory
Authority,
it's
200
million
dollars
of
Investments
that
can
be
taken
at
a
58
tax,
credit
against
the
insurance
premium
tax
and
there's
an
allocation
of
that
58
percent
of
12
12,
11
and
11.
So
what
you're
seeing
here
is
the
last
two
years
of
the
12
percent
and
the
first
year
of
the
11
to
get
to
24
24
and
22
million.
This
is
unchanged
from
the
last
forecast
and
the
actuals,
as
we've
observed
this
program
over
the
years
that
it's
been
in
play.
C
They
hold
fairly
close
to
this
under
education,
Choice
scholarship,
tax
credits.
This
is
the
program
by
which
businesses
can
make
donations
to
education,
scholarship
organizations
who
then
provide
grants
for
for
private
schools
and
so
forth.
C
The
forecast
that
you
see
here
it's
based
on
information
that
the
Department
of
Taxation
has
provided
us
with
respect
to
the
amount
of
credits
that
have
been
awarded
or
issued
and
awarded
and
taken
every
year.
The
statutory
Authority
right
now
is
for
6
million
six
hundred
fifty
five
thousand
dollars
in
credits
to
be
issued
every
year.
C
The
legislature
has
approved
additional
allocations
in
FY
2021
and
22
of
4
million
seven
hundred
forty
five
thousand
dollars
every
fiscal
year
and
so
and
because
they
don't
have
to
be
used
all
at
once,
they,
the
recipient
of
the
credit,
has
five
years
to
use
the
credit
they
don't
all
get
used
at
the
same
time.
So
as
we
worked
through
information
last
time,
we
had
a
forecast
of
minus
12
million
in
FY
23
and
then
minus
nine
million
nine
hundred
ten
thousand
and
FY
24
and
then
the
66
five,
five
and
fy25.
C
We
worked
with
the
Department
of
Taxation
they've,
given
us
information
that
suggests
that
more
of
those
unused
credits
from
previous
fiscal
years
were
being
used
in
FY
23.
So
the
revisions
of
the
forecast
is
to
increase
the
amount
of
credits
taken
in
FY
23
by
1
million
dollars
and
then
reduce
it
by
1
million
in
FY
24.
Just
try
and
true
that
amount
up,
because
it's
a
fixed
amount,
that's
still
remaining,
it's
just
trying
to
determine
when
those
credits
would
be
used,
and
so
this
is
based
on.
C
The
information
that
we
have
is
the
where
we're
at
in
terms
of
how
that
remaining
bucket
is
going
to
be
used
under
the
college,
Savings
Plan
tax
credits,
this
is
administered
by
the
treasurer's
office.
It
allows
for
credits
to
be
made
for
employers
who
make
contributions
to
529
College
savings
accounts,
it's
a
50
match
or
50
credit
against
that
contribution,
and
the
forecasts
that
are
in
the
sheets
are
unchanged:
they're
provided
to
us
by
the
treasurer's
office.
C
It
was
previously
at
13
million
dollars
and
it
is
now
at
six
million
dollars.
So
if
they're
at
this
point,
I
think
I
can
stop
and
see.
If
there
are
any
questions
about
the
tax
credits
and
then
we
can
go
to
the
bottom
line
after
that
Mr
chair
all.
B
Right
any
questions:
I
I
just
had
one
question
about
that
last
item:
the
affordable
housing,
transferable
credits
in
some
of
these
others
when
there's
a
reduction
in
the
credit
in
one
year,
we
see
it
show
up
in
future
years.
Is
this
Limited
in
a
way
that
that
doesn't
allow
that
to
happen?
Or
is
there
a
reason
that
it
it
isn't
carried
forward
into
future
years?.
C
Thank
you,
Mr
chair,
Michael
Nakamoto,
with
the
fiscal
analysis
division
for
the
record.
There
are
actually
statutory
Provisions
that
limit
the
amount
of
credits
to
10
million
dollars
in
one
year.
But
then,
if
you,
you
can
actually
exceed
10
million
dollars
in
a
fiscal
year,
but
then
you
have
to
reduce
in
the
next
fiscal
year.
So
at
this
point
they
get
based
on
the
information
that
we
were
given
by
the
housing
division.
C
Thank
you,
Mr,
chair
again
for
the
record
Michael
Nakamoto
with
the
fiscal
analysis
division,
so
the
the
bottom
line
in
terms
of
the
forecast
that
you're
being
presented
here
before
tax
credits,
because-
and
we
can
use
the
table
for
that,
since
we
have
the
request
for
the
the
change
to
the
the
tax
credit
forecast,
which
would
then
affect
the
total
after
tax
credits.
C
So
the
the
forecast
before
tax
credits
for
total
minor
general
fund
revenue
of
952
million
two
hundred
forty
one
thousand
three
hundred
twenty
two
dollars
in
FY
23,
950,
000
or
million
two
hundred
eight
thousand
five
hundred
sixty
one
dollars
in
FY
24
and
931
million
seven
hundred
thirty.
C
Four
thousand
three
hundred
forty
three
dollars
in
fy25
would
be
a
37
million
one
hundred
ninety
two
thousand
one
hundred
thirty
five
dollar
decrease
compared
to
what
this
body
approved
at
the
November
29th
meeting
in
FY
23,
an
increase
of
55
million
four
hundred
fifty
three
thousand
two
hundred
seventy
nine
dollars
in
FY
24.,
and
an
increase
of
53
million
of
15
454
dollars
in
fy25
and
that's
again,
I
primarily
resulting
from
the
increases
to
the
treasurer's
interest
income
forecasts.
C
So
after
tax
credits,
once
you
redo
or
remove
that
475
000
tax
credit
from
the
Catalyst
account
transferable
tax
credit
program,
it
results
in
total
tax
credits
for
FY
23
of
minus
49
million,
ten
thousand
six
hundred
sixty
three
dollars,
and
so
then
the
total
general
fund,
Revenue
after
tax
credits
would
be
903
million.
Two
hundred
thirty
thousand
six
hundred
fifty
nine
dollars
the
totals
in
the
the
tables
for
FY,
24
and
25
are
still
correct
because
there
are
no
requested
revisions.
C
The
the
tax
credit
requested
revision
only
affects
FY
23.,
so
you
have
a
negative
52
million
three
hundred
sixty
thousand
five
hundred
fifty
dollars
in
tax
credits
and
FY
24
at
minus
47
million
one
hundred
thirty
thousand
six
hundred
five
dollars
in
fy25,
which
would
result
in
total
general
fund
Revenue
after
tax
credits
of
897
million
eight
hundred
forty
eight
Thousand
Eleven
dollars
in
FY
24
and
884
million
six
hundred
three
thousand
seven
hundred
thirty
eight
dollars
in
fy25.
C
So
the
resulting
changes
to
the
forecast
after
tax
credits
are
approximately
29.3
million
dollars
in
FY.
23
I
can
get
you
the
exact
amount
here
in
a
second
and
increases
of
55
million
three
thousand
two
hundred
seventy
nine
dollars
in
FY
24
and
52
million
five
hundred
forty
thousand
four
hundred
fifty
four
dollars
above
the
November
forecast
after
tax
Reds
for
fy25,
and
with
that
I'll
answer
any
questions.
B
C
All
right,
Mr,
chair,
Michael
Nakamoto
for
the
record,
the
the
revised
forecast
of
after
tax
credits
of
903
million
230
659
I,
actually
went
the
wrong
direction
in
terms
of
of
the
difference.
It
is
a
minus
28
million.
Four
hundred
twenty
thousand
one
hundred
one
dollars
compared
to
the
November
29th
forecast.
I
was
subtracting,
it
I
should
have
been
adding
that
amount
back
because
we're
actually
gaining
Revenue
in
that
aspect.
C
So
this
forecast
of
of
the
903
million
at
230
659
that
we
would
require
that
is
part
of
the
consensus,
is
a
reduction
of
28
million
four
hundred
twenty
thousand
one
hundred
one
dollars.
Thank
you.
B
All
right,
thank
you
with
that.
Would
someone
like
to
make
a
motion.
B
I
I
think
I
heard
Miss
Kaufman
with
motion
and
Mr
Thorley
II,
all
in
favor,
please
say
aye.
Any
opposed
right
motion
passes
with
that.
We
have
our
second
opportunity
for
public
comment.
Would
anyone
here
in
Carson
City
like
to
make
some
public
comment.
B
All
right,
thank
you
very
much
with
that.
We
will
adjourn
this
meeting.