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From YouTube: 6/9/2022 - Economic Forum
Description
This is the first meeting in calendar year 2022. Please see agenda for details.
For agenda and additional meeting information: https://www.leg.state.nv.us/App/Calendar/A/
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A
So
my
name
is
russell
ginden,
I'm
the
chief
principal
deputy
fiscal
analyst
with
the
fiscal
analysis,
division
of
the
legislative
council
bureau
for
the
record,
and
since
we
don't
have
a
chair
and
a
vice
chair
and
we
will
use
miss
rosenthal
as
the
previous
vice
chairs
acting
chair.
But
with
this
then
I'd
like
to
bring
the
meeting
of
the
economic
forum's
june
9
2022
meeting
in
the
session,
and
with
that
we
can.
A
A
So
under
the
first
agenda
item
roll
call,
as
I
call
your
name,
then
you
can
say
here
just
and
so
I'll
also
say
in
advance
that
when
we're
actually
taking
action
and
all
that
it's
best,
if
you
stay
muted
and
then
unmute
yourself
to
respond-
and
we
will
do
be
doing
everything
sort
of
through
roll
call
versus
a
show
of
hands.
So
we
can
make
sure
the
members
of
the
public
that
are
attending
can
have
all
this
go
into
the
public
record
and
so
with
the
two
new
members.
A
I
just
wanted
to
help
that
as
some
guidance.
So
with
that
michael
crome,
I'm.
A
Thank
you,
marvin
levitt,.
B
A
Thank
you,
jennifer
lewis
here.
Thank
you,
linda
rosenthal
here.
Thank
you,
vince
zhan
here.
Thank
you.
Let
the
record
show
that
all
members
of
that
have
been
appointed
to
the
economic
forum
are
present,
and
with
that
then
we
can
move
on
to
the
next
agenda
item,
which
is
opening
remarks,
and
so
I
think
I
will
turn
this
thing
over
to
member
rosenthal
to
begin.
C
With
good
morning
yup
good
morning
for
the
record,
my
name
is
linda
rosenthal,
as
a
returning
member
and
the
previous
vice
chair
staff
has
requested
me
to
be
the
acting
chair
until
a
chair
is
elected
during
this
meeting.
Therefore,
I
would
like
to
make
a
few
opening
remarks
regarding
today's
meeting
of
the
economic
forum.
C
First,
I
would
like
to
welcome
back
miss
lewis
and
mr
levitt,
as
returning
members
who
were
reappointed
by
governor
sisselak
with
miss
lewis
nominated
by
senate
majority
leader,
nicole
canezaro
and
mr
levitt
nominated
by
speaker
of
the
assembly
jason
fryerson.
I
would
also
like
to
welcome
mr
chrome
and
mr
zhan
as
new
members
appointed
by
governor
sisolak.
C
C
I
will
start
with
myself
and
then
ask
the
other
members
to
introduce
themselves
in
the
following
order:
miss
lewis,
mr
levitt,
mr
chrome
and
mr
zahn,
as
I
mentioned,
my
name
is
linda
rosenthal.
I
have
held
various
finance
positions
at
igt
for
the
last
25
years
and
am
currently
a
senior
director
in
investor
relations.
C
C
B
B
B
Hi
good
morning,
all
michael
crome
I
currently
serve
as
the
chief
financial
officer
for
las
vegas
raiders.
My
past
has
spent
time
in
finance
within
several
casino
hospitality
companies.
B
B
Good
morning,
everyone,
my
name,
is
vincent
zhan.
I
am
a
presently
svp
and
treasurer
of
wind
resorts
where
I
am
responsible
for
the
capital
markets,
corporate
finance,
investor
relations
and
corporate
treasury
functions
of
the
company.
I've
been
with
twin
for
about
a
little
more
than
the
past
three
years.
B
B
Prior
to
that
I
lived
on
the
east
coast
in
the
new
york
tri-state
area,
where
I
was
an
analyst
on
wall
street
covering
the
gaming
logic,
leisure
and
hospitality
sectors.
More
broadly,
for
about
10
years,
I've
lived
in
nevada
since
2011
when
I
joined
pinnacle
and
that's
my
back
story
pleasure
to
meet
everyone,
and
I'm
excited
to
be
on
the
economic
forum.
C
C
C
Following
public
comment,
we
will
elect
a
member
to
serve
as
chair
and
one
to
serve
as
vice
chair
for
the
next
two
year.
Forecast
cycle,
david
schmidt,
chief
economist
from
the
research
and
analysis
bureau
at
dieter,
will
deliver
a
presentation
on
the
current
state,
employment
and
unemployment
situation
under
agenda
item
number.
Seven.
C
We
will
also
have
a
second
public
comment
period
at
the
end
of
the
agenda.
I
would
like
to
thank
lcb's
broadcast
and
production
services
staff
for
their
assistance
this
morning.
I
realized
it
was
a
lot
of
work
and
appreciate
them
working
with
the
members,
presenters
staff
and
the
public
to
make
it
possible
for
us
to
hold
this
meeting
today.
C
A
Thank
you,
ms
rosenthal,
and
again
for
the
record
russell
again
in
with
the
fiscal
analysis
division,
and
so
I
just
would
like
to
read
some
remarks
to
put
into
the
record
with
regards
to
the
economic
forum's
meeting
today.
A
A
Anyone
who
would
like
to
receive
an
electronic
notification
regarding
the
economic
forms,
agendas,
minutes,
presentation,
material
and
exhibits-
can
do
so
by
signing
up
on
the
legislature's
website.
There
will
be
public
comment
period
at
the
beginning
and
end
of
the
meeting,
and
public
comment
will
be
limited
to
two
minutes
per
person.
Public
comment
may
be
provided
in
four
different
ways,
all
of
which
are
listed
on
the
agenda
but
are
as
follows:
by
calling
669-900-6833.
A
Thank
you,
mr
rosenthal.
Those
are
the
comments
that
staff
wanted
to
make
on
the
record.
C
So
let's
then
proceed
with
the
public
comment,
we'll
open
the
line
if
bps
can
help
us
for
anybody,
who'd
like
to
make
a
comment
on
the
record.
B
C
A
A
I
think
what
we
would
do
here
is
entertain
a
motion
and
then
we
would
need
a
second
for
that
motion
for
chair
and
then
I
will
proceed
to
do
a
roll
call
vote,
understanding
that
the
person
who
is
actually
nominated
and
accepting
that
nomination
can
abstain
from
voting
for
themselves
and
then,
after
we
have
the
election
of
the
chair,
we
would
move
on
to
the
vice
chair
and
follow
the
same
procedure.
Thank
you.
C
Any
other
comment
or
or
proposals.
A
Madame
okay,
madam
chair,
you've
been
elected,
and
so
let
the
record
show
that
member
rosenthal
has
been
elected.
Chair
of
the
economic
forum
by
a
unanimous
vote
of
the
four
members
voting
with
miss
rosenthal,
abstaining.
B
C
Okay,
hearing
none,
mr
guindon,
will
you
take
a
roll
call
vote
for
the
appointment
of
jennifer
lewis,
as
vice
chair.
A
And
madam
chair
just
so,
I
can
make
sure
I
get
it
on
the
record
and
possibly
going
forward.
It
may
be
beneficial
to
everyone
if
you
identify
yourself
for
speaking,
so
it
was
me
that
the
motion
for
miss
lewis,
as
vice
chair
was
made
by
member
levitt
and
it
was
seconded
by,
was.
A
Okay,
and
so
with
that
we'll
call
the
roll.
A
Remember,
mr
crone,
mr
levitt,
all
right,
miss
lewis.
C
C
A
Madam
chair,
let
the
record
show
that
the
motion
to
elect
member
lewis,
as
vice
chair
was
approved
for
their
for
with
the
four
members
voting
unanimously
and
miss
lewis
abstaining.
C
Thank
you
russell.
I
believe
that
concludes
agenda
item
four.
So
moving
on
to
agenda
item
five
approval
of
the
minutes
from
our
december
7th
2021
meeting
of
the
economic
forum,
do
I
have
a
motion
or
actually
before
we
take
a
motion,
any
any
comments
or
or
changes
that
need
to
be
made
to
the
minutes.
A
Thank
you,
madam
sharon
again,
but
the
records
show
that
the
motion
was
made
by
vice
chair
lewis
and
seconded
by
mr
levitt,
and
so
I
will
call
the
or
we'll
call
vote
mr
chrome,
mr
levitt,
mr
zahn
hi
vice
chair
lewis,
chair
rosenthal,
hi
and
chair.
Let
the
record
show
that
minutes
under
agenda
item.
Five
are
approved
unanimously
by
all
members
of
the
forum.
C
Thank
you
at
this
time
mr
guindon
I'd
like
to
ask
if
there
are
any
agenda
items
you'd
like
to
take
out
of
order,
just
in
case
we
were
to
somehow
lose
connection
to
the
the
majority
or
the
quorum
of
the
members
here
or
if
you'd
rather
proceed
in
order.
A
I
think
I'm
willing
to
proceed
in
order
here.
It
looks
like
we're
all
pretty
well
hooked
up
technologically,
so
I
will
watch
and
and
madam
chair,
I
appreciate
you
making
that
comment
and
asking
the
question.
A
I
will
point
out
for
all
the
members
in
attendance
that
staff
will
be
monitoring
and
watching
the
meeting
closely,
because
I
must
maintain
a
quorum.
That
is
at
least
three
members
at
all
times
to
be
able
to
have
the
meeting
proceed.
So
if
we
see
that
we're
losing
anybody,
then
we
may
ask
or
bps
staff
will.
Let
us
know
that
our
issue
is
going
on
and
thus
amount
chair.
A
Then
we
may
have
to
pause
and
then
it
may
be
advisable
actually
place
the
economic
form
in
recess
until
we
can
get
things
hooked
back
up.
But
given
that
it
looks
like
we're
all
pretty
well
hooked
up
by
I'm
willing
to
just
proceed,
and
so
then
the
next
agenda
item
is
agenda.
Item
six,
the.
C
A
Yes,
madam
chair
again
for
the
record
russell
again
with
the
fiscal
analysis
division.
I
I
just
generally,
we
have
this
as
an
item
on
the
agenda
for
the
june
meeting,
which
is
the
first
meeting.
That's
in
paneling,
the
new
economic
forum
for
the
next
two
year.
A
Forecast
cycle,
madam
chair,
under
I
may
say,
had
a
few
additional
remarks,
given
that
we
have
two
new
members
compared
to
what
staff
would
normally
provide
under
this
agenda
item
for
context
prior
to
the
economic
forum
being
put
in
place
by
legislation
approved
during
the
1993
session
in
sba
23
with
senator
the
late
senator
raggio
being
the
primary
sponsor
of
that
legislation
in
the
1993
session,
the
general
fund
revenue
forecast
process
for
the
state
budget
was,
as
I
understand
it,
because
it
precedes
my
tenure
with
the
state
was
that
the
governor
and
his
staff
in
developing
the
executive
budget
that
would
be
submitted
to
the
legislature
for
consideration.
A
They
would
develop
their
own
general
fund
revenue
forecast,
on
which
then
the
budget
was
built
and
then
submit
that
to
the
legislature.
Then,
as
the
budget
worked
its
way
to
the
legislative
session,
then
the
legislature
could
make
adjust
to
that
forecast
as
the
revenues
that
would
be
used
to
develop
the
legislative
budget.
A
So
I
I
don't
know
that
one
has
to
necessarily
be
a
student
of
political
science
or
budgeting
to
know
what
could
potentially
go
on
on
situations
like
that.
So
thus
the
legislature
made
the
decision
to
have
the
statutory
process
that
is
known
as
the
economic
forum
approved.
As
I
said,
in
sb23,
the
provisions
for
the
economic
forum
are
actually
codified
in
the
nevada,
revised
statutes,
that
is
nrs
and
it's
in
provisions
nrs
353.226
through
nrs,
353.229
and
I'll
just
go
to
sort
of
the
highlights,
which
I
I
think
at
this
point
in
time.
A
Clearly,
three
of
you
are
quite
familiar
with
and
as
well
as
some
information
has
been
provided
to
the
two
new
members,
but
under
the
statutory
provisions
the
governor
is
required
to
appoint
all
five
members
of
the
economic
forum
to
a
two-year
term,
which
is
has
been
stated.
One
member
is
actually
nominated
by
the
majority
leader
of
the
senate,
and
one
member
is
nominated
by
the
speaker
of
the
assembly.
A
So
thus-
and
you
can
see
the
one
half-
the
leadership
of
each
house
of
the
legislature
has
one
person
on
the
economic
forum
and
then
the
governor
has
three
that
can
be
selected
to
be
appointed
on
its
face
the
economic
forum.
Thus,
what
is
intended
to
be
a
non-political
and
non-partisan
entity
in
terms
of
their
role
is
to
produce
unrestricted
general
fund
revenue
forecasts
under
the
statutory
provisions.
A
The
economic
forum
is
required
on
or
before
december
3rd
of
even-numbered
years
to
produce
a
forecast
for
all
unrestricted
general
fund
revenue
forecasts.
That
forecast
is
required
to
be
used
by
the
governor
in
developing
the
executive
budget
that
will
be
submitted
to
the
legislature
for
consideration
in
each
odd
numbered
geared
session.
A
Pursuant
to
statute,
the
economic
forum
is
required
to
produce
a
revised
forecast
if
necessary,
on
or
before
may
1st
of
the
odd-numbered
years.
That
forecast,
then,
is
used
by
the
legislature
in
developing
the
legislatively
approved
general
fund
budget,
as
was
stated
the
economic
forum
when
it's
preparing
these
forecasts.
A
For
the
december,
even
numbered
years
and
may
odd
number
year,
forecast
periods
they're
preparing
a
forecast
for
the
current
fiscal
year
that
you're
in
as
well
as
a
forecast
for
the
next
biennium,
so
thus
you're
preparing
a
forecast
for
the
current
fiscal
year,
one
fiscal
year
ahead
and
two
fiscal
year
aheads
for
that
next
biennium,
for
which
the
general
fund
budget
is
being
prepared
and
then
will
be
approved
by
the
legislature
and
then
hopefully
signed
by
the
government.
A
A
That
was
the
bill
that
then
required
the
economic
form
on
or
before
june
10
of
even-numbered
years
in
honor,
before
december,
10
odd
numbered
years
to
conduct
interim
meetings,
as
was
stated
by
chair
rosenthal.
The
statute
does
not
require
the
economic
forum
to
consider
or
approve
revised
general
fund
revenue
forecast
at
those
inter
meetings.
A
The
interim
meetings
are
more
to
get
an
update
on
how
the
actual
collections
are,
comparing
the
forecast,
as
well
as
get
updates
on
the
economic
conditions
going
on
or
other
issues
that
members
of
the
economic
forum
working
with
the
chair
think
would
be
an
informational
item
worth
bringing
forward
and
being
presented
to
the
members
of
the
economic
core.
A
So
then,
also
at
the
june
meeting
you
can
see-
that's
that's
the
first
meeting
after
the
governors
and
panel,
the
new
form.
Thus,
at
that
meeting
we
have
certain
administrative
and
housekeeping
duties
that
need
to
be
conducted,
such
as
the
election
of
the
chair
and
vice
chair,
as
well
as
as
we
work
through
the
other
agenda
items.
You'll
see
those
are
start
to
set
the
stage
for
the
preliminary
working
of
the
october
november
and
december
meetings
to
work
towards
that
approval
of
the
forecast
honor
before
december
3rd
2022.
A
A
The
tax
consists
of
the
senate
and
assembly
fiscal
analyst
from
the
fiscal
analysis
division
in
which
I
work,
the
chief
of
the
budget
division
of
the
governor's
office
of
finance,
the
head
of
the
research
division
of
the
employment
security,
division
of
the
department
of
employment,
training
and
rehabilitation,
and
it's
possibly
just
easier
to
say
that
that's
david
schmidt,
who
will
be
making
the
presentation
to
us
here
in
the
next
agenda
item
the
vice
chancellor
of
finance,
for
the
nevada
system
of
higher
education.
That
is
inchi.
A
The
state
demographer,
who
is
an
employee
of
the
department
of
taxation
and
the
chair
of
the
committee
on
local
government
finance.
And
so
the
attack
is
the
seven
member
body
that
is
by
statute,
required
to
provide
assistance
to
the
economic
forum
as
directed
by
the
economic
forum.
And
you
can
see.
We
have
an
agenda
item
here
where
we'll
go
through
a
little
bit
more
detail
of
the
attack
and
the
economic
form
and
staff
working
with
the
body.
A
Today,
to
get
direction
to
provide
to
the
staff
that
attack
and
then
by
statute,
the
legislative
council
bureau
and
the
budget
division
of
the
governor's
office
of
finance
are
jointly
required
to
provide
staff
services
to
the
economic
forum
and
the
technical
advisory
committee
attack
and
thus-
and
that's
the
role
that
I'm
serving
here
as
a
staff
of
the
fiscal
analysis,
division
of
the
legislative
council
bureau,
and
so
I
believe,
madam
chair.
Those
were
the
comments
that
I
felt
were
necessary
for
making
under
this
agenda
item
and
if
any
of
the
members
have
any
questions.
C
Okay,
so
now
we'll
turn
to
agenda
item
number
seven,
which
is
our
presentation
on
the
state,
employment
and
unemployment
outlook,
from
david
schmidt,
chief
economist,
research
and
analysis,
bureau
of
the
department
of
employment,
training
and
rehabilitation.
D
Thank
you,
chair
rosenball,
and
members
of
the
forum.
I'm
gonna
be
distracted
for
a
moment.
While
I
pull
up
my
powerpoint
here,
I
just
want
to
say
thank
you
for
the
opportunity
to
be
here.
I
will
try
to
be
brief
and
also
comprehensive,
so
for
the
both
of
the
new
and
existing
members
of
the
forum.
D
Please
feel
free
to
interrupt
me
and
stop
me
if
you
have
a
question,
I'm
really
here
to
try
to
help
give
you
some
some
foundation
and
what
we're
seeing
and
what
we're
expecting
in
terms
of
employment
and
unemployment
in
the
economy
and
also
wanted
to
say,
congratulations
for
evidently
being
in
the
the
30th
year
anniversary
next
year
of
the
economic
forum.
It's
a
exciting
sort
of
milestone
to
be
hitting
for
the
record,
to
repeat
everything.
My
name
is
david
schmidt.
D
I
am
the
chief
economist
for
the
research
and
analysis
bureau,
which
I
guess
is
the
successor
agency
for
the
research
division
within
employment
security,
because
we
are
within
dieter
itself,
so
that
structure
has
changed
a
little
bit
the
time
that
we've
been
here,
but
the
the
themes
that
I
kind
of
wanted
to
talk
about
today.
Obviously
nevada's
gone
through
a
lot
of
turmoil
in
the
last
several
years
as
we
went
through
the
pandemic,
nevada
had
the
highest
unemployment
rate
that
any
state
has
seen
going
back
to
1976.
D
When
records
began
with
the
current
process
of
thinking
about
the
unemployment
rate,
we
had
nearly
30
percent
unemployment
in
april
of
2020.
The
the
really
remarkable
thing
as
we've
come
through
the
pandemic
is
how
fast
everything
went
up,
how
fast
everything
came
down.
So
we've
seen
incredibly
large
shock
in
an
incredibly
compressed
period
of
time
and
in
most
areas
that
we
look
at
the
effect
of
that
is
almost
like.
Dumping
gasoline,
on
whatever
sort
of
trends
were
already
in
place.
D
Lots
of
things
accelerated
very
quickly
and
I
think
there's
a
lot
of
change.
That's
still
kind
of
working
its
way
through
the
system,
but
at
a
high
level,
employment
in
the
state
is
essentially
back
to
pre-pandemic
levels,
we're
not
quite
to
total
non-farm
employment
being
what
it
was,
but
we're
like
99
point
something
percent
of
the
way
there
so
we're
essentially
recovering
total
private
sector
employment,
as
of
april,
actually
exceeds
total
private
sector
employment
prior
to
the
pandemic,
and
so
we're
in
the
process
of
recovering
there.
D
Unemployment
currently
at
five
percent,
it's
relatively
low
five
percent
once
upon
a
time,
would
have
been
full
employment.
Everything
is
coming
along,
though
the
united
states
is
at
3.6,
so
we
are
elevated
compared
to
the
us,
we're
not
down
to
the
all-time
lows
of
the
3.6
3.8
percent
that
we
had
prior
to
the
pandemic,
but
we're
at
what's
normally
considered
a
pretty
good
unemployment
rate
we're
just
higher
than
the
us
unemployment
claims
are
at
multi-decade
lows.
D
If
you
think
about
how
many
people
are
filing
for
unemployment
insurance
benefits
in
a
particular
month,
you
have
to
go
back
to
about
1990
to
find
comparable
months
in
terms
of
how
low
the
level
of
claims
are
and,
as
we
know,
nevada
in
1990
was
a
lot
smaller
state
than
it
is
today,
and
so
the
the
absolute
number
is
that
low
is
really
telling
about
the
relatively
low
share
of
people
collecting
unemployment
benefits.
D
But
the
trend
is
very
similar
if
you
just
sort
of
removed
the
years
that
were
affected
by
the
pandemic.
D
Coming
out
of
the
recovery
from
the
great
recession,
you
have
kind
of
a
a
steady
downslope
and
the
numbers
that
we're
seeing
today
are
essentially
a
continuation
of
that
trend,
not
noticeably
higher
or
lower,
and
as
most
people
know,
if
you
look
at
the
rates
of
job
turnover
we're
seeing
whether
it's
quits,
whether
it's
job
openings,
whether
it's
hires,
total
separations.
D
So,
to
take
a
look
at
the
the
industry
mix,
I
will
apologize
depending
on
the
size
of
your
screen.
Some
of
these
numbers
may
become
pretty
small
and
unreadable
highly
recommend
referring
to
the
the
printed
materials
too,
but
in
general,
if
you
look
down
the
left
column
here,
you've
got
some
red
and
green
numbers.
This
shows
the
net
change
in
jobs
from
february
of
2020
right
before
the
pandemic
to
april
22,
which
is
our
most
recent
data.
D
As
I
said,
total
non-farm
jobs
is
down
4
100
jobs,
but
it's
very
nearly
recovered.
Total
private
sector
is
up
2,
400
jobs.
Where
you
see
the
really
big
dislocation
is
in
accommodation
and
food
service
and
leisure
and
hospitality,
so
casino
hotels
in
las
vegas
continue
to
be
the
area,
that's
really
the
most
affected
by
the
pandemic.
D
The
our
total
jobs
is
down
four
thousand,
but
accommodation
and
food
service
is
down
thirty
one
thousand
thirty,
two
thousand
jobs
there
there's
a
pre,
pretty
big,
disconnect
there,
where
we've
seen
a
lot
of
growth,
is
in
transportation
and
warehousing
which
is
up
eighteen
thousand
five
hundred
jobs
and
the
broader
trade
transportation
utility
sector,
which
is
up
twenty
four
thousand
jobs,
and
so
there
has
been
a
shift
in
the
the
overall
mix
of
jobs
in
the
economy.
The
areas
where
we're
down
the
most
are
outside
of
casino
hotels.
D
If
you
look
at
other
services,
which
is
the
the
catch
all
other
services
includes
things
like
barbers
or
dog,
groomers,
or
just
any
other
sort
of
personal
services
that
don't
fall
into
another
category,
that's
down
in
government
which
is
down
6,
500
jobs,
and
so
the
private
sector
has
recovered.
All
jobs
have
not
recovered
because
government,
which
includes
federal
state
and
local
government,
has
not
recovered
recovered
federal
government
has
state
and
local
local
governments
haven't,
and
that
does
include
both
like
the
universities
as
well
as
local
school
districts.
D
The
next
two
charts
are
even
more
unreadable
because
they
include
more
industries.
Although
for
the
local
areas,
this
is
not
seasonally
adjusted,
so
we
do
get
more
a
broader
mix
of
jobs,
but
just
to
point
out
that
in
las
vegas
the
story
is
pretty
similar.
The
recovery
is
a
little
bit
weaker.
D
Casino
hotels
is
still
the
most
affected
area,
and
if
you
look
at
reno,
the
reno
area
actually
has
recovered
all
of
its
jobs.
It
hit
the
pre-pandemic
or
post-pandemic
peak
in
october
of
last
year
and
has
been
growing
a
little
bit
since
then
total
recovery.
There
is
8
100
jobs
in
total,
non-farm
and
9
500
jobs
in
the
total
private
sector.
Even
in
reno,
though,
the
casino
hotel
industry
down
2
600
jobs
is
the
most
effective
industry,
that's
that's
true,
north
or
south.
D
This
chart
looks
at
the
total
recovery
by
sector,
so
the
color
represents
the
recovery
of
compared
to
where
it
was
in
february.
Of
so,
more
green
is
more
recovered.
More
red
is
less
recovered
and
we'll
just
highlight
the
two
brightest
colors
with
transportation.
Warehousing
utilities
is
at
21
above
what
it
was
before
the
pandemic.
D
That
represents
about
6.8
of
total
jobs
in
the
state.
The
accommodation
industry
is
at
80
of
what
it
was
prior
to
the
pandemic,
and
so
it's
it's
still
down
about
one
out
of
every
five
jobs
in
all
of
accommodation
that
were
there
prior
to
the
pandemic
are
not
there
after
the
pandemic.
That
is
not
necessarily
to
say
that
this
industry
isn't
trying
to
hire,
but
the
total
employment
isn't
necessarily
recovering.
So
is
it
supply
side?
Is
it
demand
side,
that's
harder
to
say,
but
that
total
level
of
jobs
coming
out
of
the
pandemic?
D
We
did
benefit
from
some
revisions
to
the
data
in
2021.
The
trend
had
been
written
pretty
flat.
We
got
a
big
bump
at
the
end
of
2021,
but
the
trend
so
far
in
2022
has
resumed
to
being
pretty
flat
coming
out
of
the
coming
out
of
the
pandemic
and
the
recession
from
it.
Other
areas
you
can
see
have
recovered
more
or
less
manufacturing
is
eight
point.
Four
percent
above
government
is
four
percent
low.
It's
interesting
to
me.
D
If
you
look,
we
often
talk
about
the
accommodation
and
food
service
is
one
of
the
broad
sectors
in
the
economy,
but
accommodation
and
food
service
are
acting
very
differently.
That
by
itself
is
a
very
broad
industry.
It
includes
both
caesars
and
mcdonald's,
but
if
you
split
apart
accommodation
and
food
service,
food
service
is
actually
up
4.2
percent
compared
to
before
the
pandemic.
It's
just
that
accommodation,
industry,
that's
been
really
really
hit
and
not
recovering
as
fast
as
any
other
sector
of
the
economy.
D
Looking
at
the
supply
and
demand,
and
one
of
the
really
hot
topics
right
now
is
wage
pressure
and
inflation
and
the
need
that
employers
have
to
be
raising
wages
to
compete
for
workers
in
this
environment.
This
data
takes
a
look
at
wage
changes
over
the
year.
I
take
a
three-month
average
to
smooth
out
some
of
the
volatility,
but
it
is
a
monthly
data
point
that
we
get
it's
only
for
a
few
sectors,
and
so
it's
not
super
detailed,
but
I
think
you
can
see
some
broad
trends.
D
The
two
colors
of
lines
represent
two
different
types
of
workers
who
are
counted
in
red.
You
have
the
average
hourly
earnings
for
all
employees
in
blue.
You
have
the
average
hourly
earnings
for
production
employees.
This
is
just
what
the
bureau
of
labor
statistics
produces,
but
I
wanted
to
try
to
capture
as
many
sectors
as
we
could.
In
gray.
You
have
the
change.
D
If
you
look
at
the
top
right,
you
have
the
leisure
and
hospitality
industry,
and
here
you
can
see
first,
that
all
states
have
seen
a
pretty
sharp
increase
in
this
industry.
This
is
generally
more
lower
paid
work,
and
so,
where
you
have
that
competition
for
workers
there's
been
a
larger
response
to
try
to
increase
the
wages
and
probably
be
more
competitive
in
trying
to
attract
workers
there
in
all
states,
and
even
with
that
increase
nevada's
increase
is
higher
yet
we're
above
that
80th
percentile
mark
for
other
states.
D
Part
of
this
is
probably
our
mix
in
employment.
Nevada
historically,
has
a
lot
more
employment
in
accommodation
which
tends
to
have
about
50
higher
wages
than
food
service,
and
because
we
have
that
higher
mix,
our
average
wage
tends
to
be
a
bit
higher,
and
so
you
might
be
seeing
some
of
that
here,
but
it's
definitely
clear
that
there
is
competition
and
sharp
increases
in
wages
taking
place
in
that
industry
up
about
15
percent
over
the
year.
D
As
of
the
most
recent
data,
which
is
for
april,
but
one
other
area
where
we're
kind
of
high.
If
you
look
at
professional
and
business
services,
you
also
see
that
nearly
15
increase
for
nevada
also
considerably
above
the
80th
percentile,
that
we
see
in
other
states
for
that
industry.
D
But,
as
I
said
at
the
top
a
lot,
a
very
tight
labor
market,
lots
of
competition
for
workers,
another
data
point
that
we
have
is
the
bls
job
openings
and
labor
turnover
survey
or
jolts
data.
This
data
is
only
current
through
march
right
now,
it'll
get
updated
at
the
end
of
the
month,
but
the
top
table
here
shows
the
absolute
numbers
that
we're
seeing
in
nevada.
D
The
bottom
table
shows
the
rate
of
change
which
allows
us
to
compare
between
states.
Earlier
this
year,
nevada's
higher
rate
was
number
one
in
the
country
coming
into
the
end
of
the
year.
We've
moderated
a
little
bit
there,
so
our
higher
rate
is
only
about
in
the
middle
of
all
the
states,
but
that's
not
to
say
that
it's
low
compared
to
total
employment.
We
have
a
higher
rate
of
about
five
percent,
so
one
out
of
every
20
workers
was
in
the
the
state
was
hired
into
a
new
job.
D
D
D
So
we
we've
moderated,
but
I
think
one
of
the
numbers
that
people
talk
about
here
a
lot
is
first
job
openings
and
just
how
many
job
openings
we're
seeing
that
seven
point
three
percent,
there's
that
many
openings
compared
to
total
employment
in
march
of
2020
or
2022,
rather
so
there's
a
very
high
pace
of
job
openings
and
that's
only
number
22
in
the
nation
right.
There
is
a
very
high
level
of
job
openings.
D
To
put
that
in
a
little
bit
of
context,
I
think
it's
interesting
to
look
at
total
employment
and
total
job
openings.
I
will
say
these
are
two
different
estimates,
looking
at
two
different
points
in
time:
they're
they're,
not
necessarily
comparable,
but
just
for
the
sake
of
trying
to
think
about
it.
D
This
way,
if
you
stack
the
two
together,
it's
interesting
to
think
of
this
as
what
overall
demand
for
labor
looks
like
both
people
who
are
working
and
the
jobs
that
employers
want
to
have
the
openings
that
they're
reporting
and
if
you
look
at
it
this
way,
you
can
see
that
currently
in
nevada,
the
demand
for
labor
is
the
highest.
D
It's
ever
read
we're
seeing
that
employment
plus
job
openings
north
of
1.5
million,
and
it's
at
the
series
peak
it's
a
little
bit
above,
but
not
too
far
above
where
we
were
prior
to
the
pandemic,
and
so
we
are
still
seeing
that
demand
for
labor
growing
and
that's
putting
a
lot
of
pressure
on
the
labor
market.
At
the
same
time,
unemployment
is,
as
I
said,
low
you
can
see
here
just
how
far
we've
come
and
the
broad
trend
we
have
with
the
united
states,
where
unemployment
rates
have
come
down
and
typically
in
recovery.
D
What
we
see
is
the
unemployment
rate
drifts
lower
over
time,
we're
probably
at
the
point
where
we
shouldn't
be
expecting
dramatic
changes,
there's
a
lot
of
trend
with
some
general
lowering
of
unemployment
as
time
goes
on.
That's
my
expectation
for
really
until
we
get
to
the
next
first
station
recession
is
that
we
will
continue
to
drift
lower
in
that
regard,
similar
to
what
we
see
in
the
us
as
a
whole,
where
nevada
is
a
little
bit
different
from
other
states,
again
gray
area
being
20th
to
80th
percentile
for
other
states.
D
This
looks
at
two
measures:
kind
of
squished
together,
I'm
looking
at
the
total
number
of
people
who
have
been
unemployed,
15
weeks
or
longer,
which
is
one
of
the
alternative
measures
of
labor
under
utilization
that
the
ls
has
and
comparing
that
to
total
unemployment
in
the
state
as
a
whole,
and
that
ratio
gives
us
a
sense
of
what
share
of
our
unemployed.
D
Workers
are
in
this
longer
term
category,
and
you
can
see
that
nevada
in
the
the
housing
boom,
as
well
as
the
pandemic,
has
a
considerably
higher
share
of
longer-term
unemployed
workers
compared
to
the
u.s
as
a
whole.
This
is
a
12
month,
average
through
the
first
quarter
of
2022,
and
so
it's
incorporating
some
of
that
as
we're
coming
out
of
the
pandemic
impact.
D
But
I
think
this
is
probably
going
to
continue
to
be
true
where
we
have
more
people
because
of
the
dislocation
from
the
the
casino
industry
and
the
the
challenges
that
people
are
facing.
Coming
back
to
work,
where
there
is
this
kind
of
longer-term
unemployment
in
our
our
population.
If
we
were
down
at
what
the
other
80th
percentile
states
are
experiencing,
not
even
down
all
the
way
to
the
median,
but
just
that
80th
percentile
amount.
D
This
would
actually
bring
our
unemployment
to
basically
what
the
u.s
is
as
a
whole
and
so,
where
we're
higher
than
the
us.
It's
really
in
this
longer
term
unemployment
category,
because
we
have
this
much
higher
share
of
people
who
have
been
unemployed
for
a
longer
period
of
time.
D
Another
trend
that
we
see
in
the
state
is
that
our
labor
force
participation
rate
has
been
falling
over
time.
If
you
look
back
into
the
80s
or
90s,
you
can
see,
nevada
had
very
high
participation,
as
nevada
has
matured
as
a
state.
We
we've
sort
of
grown
into
being,
not
the
you
know,
flash
explosion
growing
by
six
percent
every
year,
like
we
were
decades
ago,
but
acting
a
little
bit
more
normal
and
attracting
more
retirees,
especially
to
the
las
vegas
area.
D
You've
seen
that
participation
rate
fall
where
we
have
lower
participation
in
the
the
2000s,
you
can
see
the
decline
in
participation
as
we
come
out
of
the
great
recession,
the
the
rise
that
we
saw
as
we
hit
the
the
boom
complete
before
the
pandemic,
and
then
the
impact
where
we
we've
fallen
and
are
just
starting
to
recover,
but
we're
not
completely
below
what
any
other
state
is
experienced.
We're
definitely
at
the
lower
end.
D
Now,
instead
of
the
higher
end
where
we
historically
were-
and
if
you,
if
you
break
this
out,
this
data
only
runs
2015
to
2019
because
of
some
limitations,
but
it's
a
demographic
breakout
of
unemployment
with
impossibly
small
to
read
text.
Sorry
about
that,
but
some
of
the
interesting
trends
for
me
in
blue.
You
have
washer
county
in
red.
You
have
clark
county
and
you
can
see
the
the
general
relationship
between
those
two
counties
over
time,
but
also
in
the
the
top
two
rows
of
the
chart.
D
You
have
the
breakout
in
participation
by
age
and
again,
the
dashed
line
is
the
medium
for
all
u.s
states
and
we're
kind
of
comparing
the
two
counties
to
that
experience
of
other
states
and
through
about
age,
50
54.
D
You
can
see
in
2019
we're
either
in
clark
county
about
at
the
median
experience
for
other
states
in
washoe
county
generally
above,
but
as
you
move
into
the
55
to
59
60,
to
64
65
to
74
and
75
plus
categories,
which
are
the
the
middle
four
boxes
in
the
second
row,
you
can
see
that
that
participation
rate,
especially
in
clark
county,
it's
getting
lower,
and
I
think
this
is
in
part
kind
of
a
a
sun
belt
effect,
whereas
we're
attracting
more
retirees
and
people
who
might
not
want
to
be
participating
to
the
labor
force,
we're
seeing,
especially
in
las
vegas,
that
participation
rate
get
a
little
bit
lower,
and
so
I
think
this
is
part
of
what's
happening
is
because
we're
attracting
a
different
population
to
nevada
over
time.
D
I
think
that's
having
an
impact
on
our
participation
rate.
If
you
look
at
the
working
age
population,
either
20
to
64
or
25
to
64
we're
closer
to
the
medium.
If
you
look
across
a
lot
of
different
demographic
groups,
we
tend
to
be
pretty
close
to
the
medium.
There
are
some
groups
that
are
a
little
bit
lower,
but
for
the
for,
for
the
forum's
purposes,
I
think
just
thinking
about
what
the
population
is
and
how
likely
is
the
population
of
nevada
to
be
working
or
not
working?
D
I
think
those
highest
level
trends,
especially
with
regard
to
age,
are
probably
the
most
informative,
but
if
there's
any
questions
or
if
you
really
want
me
to
talk
even
longer
about
this-
I
I
totally
could
one
more
trend
before
I
get
to
forward-looking
projections.
Is
unemployment
claims,
as
I
said,
they're
at
multi-decade
lows.
D
You
can
see,
obviously,
in
the
third
column
here
the
change
over
the
year
from
2021
to
2022
negative
80
down
85
84
90
82,
like
the
the
trend,
is
much
much
much
lower
in
2022
than
2021
and
much
more
back
to
normal.
Our
average
benefits
are
up.
The
average
duration
is
falling.
The
number
of
people,
exhausting
their
benefits,
is
really
low.
The
bottom
two
rows,
I
think,
are
really
interesting.
D
D
It
doesn't
tend
to
change
a
whole
lot,
so
that
duration
is
up
that
we're
at
17
weeks
is
still
to
me
kind
of
almost
shockingly
high,
except
that
it
was
a
you
know,
23
weeks
a
year
ago,
so
we
are
still
seeing
that
kind
of
longer
duration
of
unemployment
still
being
experienced,
even
though
the
absolute
number
of
people
in
the
system
is
pretty
low.
D
On
the
other
hand,
our
exhaustion
rate,
which
is
the
number
of
people
who
use
up
all
of
their
available
benefits,
and
so
they
they
don't
exit
the
system
and
find
a
job
prior
to
exhausting
those
benefits.
That's
actually
kind
of
low,
and
these
two
numbers
seem
a
bit
weird
because
we
have
both
longer-term
unemployment
but
also
fewer
people,
exhausting.
D
I
don't
necessarily
have
a
conclusion
to
draw
from
that,
but
normally
I
expect
the
exhaustion
rate
to
be
about
33
35
we're
seeing
28
not
hugely
lower
but
lower
than
I
would
normally
expect
to
see,
and
I
think
that
that
probably
shows
that
we
have
part
of
the
challenge
of
longer-term
unemployment
is
conditions
for
people
going
back
to
work
like
do.
Do
they
have
the
supports
they
need?
D
Do
they
have
the
the
tools
that
they
need
to
be
able
to
go
back
to
work,
and
I
think
unemployment
benefits
may
still,
even
for
this
small
share
of
people
be
helping
to
be
a
support,
while
people
are
trying
to
find
the
the
job
that
will
meet
the
needs
that
they
have,
whether
it's
child
care
or
working
conditions
hours
commute
anything
like
that,
and
so
I
think
that
that's
kind
of
the
landscape
that
we
have.
D
I
will
briefly
put
this
up
in
case.
Anyone
wants
to
see
the
various
services
that
we
have,
but
I
I
have
another
presentation
just
because
I
was
trying
to
get
everything
out
in
time
to
to
get
everything
distributed,
but
about
four
or
five
more
slides.
Looking
at
employment
projections,
but
if
anyone
wants
to
ask
a
question
while
I'm
doing
that
feel
free,
so
you
get
the
opportunity
to
do
so.
B
B
D
I
I
would
probably
lean
toward
more
stable.
It
probably
depends
on
the
type
of
recession.
As
with
everything
like
in
the
pandemic.
I
think
one
of
the
really
interesting
trends
was
we,
because
people
were
staying
home
more.
There
was
a
lot
more
online.
D
You
know
e-commerce
buying
things
online,
and
so
there
was
a
lot
more
demand
that
it
actually
kind
of
increased
the
demand
for
this
infrastructure
to
support
that
that
online
shopping
experience,
and
so,
if
in
a
completely
hypothetical,
not
saying
that
I
expect
this,
but
if
gas
prices
got
so
high
that
it
really
crimped
the
economy
and
people
couldn't
easily
go
out,
you
might
see
that
same
impact
where
people
like
you
know,
I
don't
want
to
go
driving
around
to
buy
everything.
I
want
to.
Let
someone
do
the
driving
and
bring
it
to
me.
D
You
might
see
that
same
impact
where
you
need
that
infrastructure
to
support
the
the
delivery
taking
place.
On
the
other
hand,
high
gas
prices
might
mean
that
shipping
costs
have
to
go
up
and
those
charges
get
passed
on
to
consumers.
Maybe
you
actually
see
the
opposite
impact
for
people
like?
No,
I
I
don't
want
to
pay
that
cost
for
shipping
I'll
just
go
out
and
get
it
myself
you
you
could
go
either
direction,
but
I
think
a
lot
depends
on
the
the
conditions.
D
The
the
2001
recession
was
more
com
bubble
and
then
the
impact
of
9
11..
D
I
don't
think
that
would
have
a
huge
impact
on
warehousing
either
way
if
you
have,
if
you're
thinking
about
something
like
the
2007
recession,
where
you're
looking
at
the
the
housing
sector
and
the
huge
hit
that
we
had
there
because
of
the
the
roll
out
into
how
that
hit
affected
consumers
more
broadly
because
we
lost
two-thirds
of
the
construction
industry
and
all
of
those
high-paying
jobs,
as
well
as
the
general
sense
of
wealth
and
income
that
people
had
due
to
the
inflation
of
housing
prices
that
really
hit
consumer
spending,
and
I
think
that
piece
of
it
if
you're,
hitting
consumer
spending
or
sentiment
if
you're
hitting
the
logistics
like
the
the
need
for
manufacturing
logistics
support.
D
If
those
areas
of
the
economy
are
being
hit,
then
I
would
think
warehousing
will
we'll
see
a
dive.
But
I
think
it's
probably
a
bit
less
exposed
than
say,
leisure
and
entertainment.
More
broadly,
I
think
that's
something
that
tends
to
be
like
when
the
economy
is
hot,
it's
really
up
and
when
the
economy
is
down,
it's
a
lot
more
down.
So
I
think
that
might
tend
to
be
a
bit
more
volatile
than
warehousing.
Is
that
a
long
rambling
answer
to
your
question.
B
D
You
know
I
very
much
david
schmidt
again
for
the
record.
I
I
would
agree
with
that
sentiment.
It's
one
reason
why
I
feel
better
about
where
we
are,
even
with
some
concern
about
a
potential
recession
looming
in
the
future
because
of
inflation
in
the
fed
and
everything
else
that
that
our
construction
industry
is
not
150,
000
jobs,
we're
just
getting
back
to
about
100
000
jobs
and
we're
not
accelerating
rapidly.
We've
been
pretty
steady
in
that
area.
D
I
think
that
was
one
of
the
biggest
contributors
to
why
nevada
was
hit
so
hard
in
the
great
recession
and
that
we're
not
kind
of
overweight
we're
still
catching
up
in
that
industry
and
actually,
if
you
look
at
the
longer
term
employment
trend,
we're
about
where
we
were
in
the
early
2000s
before
the
housing
boom
really
took
off,
and
so
that's
about
the
level
of
construction
employment
we
have.
D
If
anything,
we
might
be
a
little
bit
below
where
we
would
want
to
be
in
light
of
all
of
the
demand
for
construction,
that's
currently
in
place
in
the
economy,
but
I
think
we're
less
exposed
to
that
collapsing.
The
way
that
it
did
in
2007,
even
in
light
of
rising
interest
rates
and
cooling
off
of
the
housing
market.
B
B
D
David
schmidt,
again
for
the
record,
I
I
think,
broadly
it's
kind
of
similar
to
what
we've
seen
in
in
prior
periods
and
that
some
people
have
gone
back.
Some
people
have
gone
to
related
industries.
D
Some
people
have
probably
left
the
workforce
either
gone
to
another
state
or
simply
retired,
and
some
people
are
probably
facing
other
barriers
to
employment.
So
I
I've
done
some
really
really
preliminary
comparisons
of
people
who
were
experienced
some
form
of
separation
in
2020
and
what
their
employment
status
was
in
2021
and
compared
that
to
the
same
industries
for
2018
and
2019
to
try
to
get
a
sense
of
what's
the
baseline
level
of
activity.
And
what
are
we
seeing
today?
D
In
each
case,
I
got
somewhere
in
the
ballpark
of
40
to
50
000
individuals,
and
so
I
was
a
little
bit
surprised
that
I
didn't
see
a
larger
share,
but
part
of
that
is
probably
a
limitation
on
the
data
that
I
have,
which
is
only
looking
at.
Did
you
have
any
wages
at
all
in
a
calendar
reporter
and
so
someone
who
was
say
let
go
in
march
and
then
got
re-employed
in
june,
even
though
they
had
a
few
months
of
separation?
D
D
Most
people
go
back
to
the
same
industry,
accommodation
or
food
service.
I'm
looking
at
this
at
that
three-digit,
so
accommodation
as
an
industry,
food
services
and
industry
temporary
help
services
as
an
industry
and
then
some
other
things,
but
looking
at
separations
from
accommodation,
most
people
go
back
to
accommodation
and
that's
true
in
both
periods
of
those
who
don't
go
back
to
accommodation.
D
The
next
highest
share
generally
goes
into
food
service.
So
it's
kind
of
really
closely
related
industries
and
that's
true
in
in
both
periods
and
then
the
next
largest
is
sort
of
temporary
health
services
and
then
sort
of
diffuse
throughout
the
the
rest
of
the
economy,
and
so
that
trend
is
largely
true
in
both
cases
where
we
were
a
bit
higher
in
2020
than
2018.
D
Is
that
there
is
a
somewhat
larger
share,
maybe
on
the
order
of
about
10
of
the
total
that
are
not
showing
up
in
any
wage
records,
so
that
could
be
that
they
left
the
state
or
that
they
just
aren't
working
in
the
most
recent
period.
D
That
I
was
comparing
to
this
data
only
goes
through
about
second
or
third
quarter
of
2021,
and
so
it's
not
all
the
way
up
to
the
present,
because
there's
a
big
leap
lead
time
on
getting
that
data,
but
we
probably
have
had
a
somewhat
of
an
increase
in
that
not
in
the
labor
force,
either
due
to
moving
due
to
retiring
or
due
to
want
to
work
but
facing
some
sort
of
barriers
that
just
are
preventing
them
from
being
able
to
find
any
sort
of
job.
D
What
I
don't
think
is
happening
is
that
they're
all
like
collecting
unemployment
or
other
sorts
of
benefits,
because
we
haven't
seen
a
really
big
spike
there,
instead
we're
at
very,
very
low
levels
overall
and
so
for
whatever
reason
be
it
retirement,
relocation
or
barriers
to
employment.
There
has
been
a
bit
of
a
bump
there,
but
most
people
who
had
a
separation
have
gone
back
to
work
in
some
capacity,
so
this
is
kind
of
the
you
know
remaining
balance
there,
which
kind
of
partially
answers
the
question,
maybe
not
completely.
B
D
So
the
david
schmidt
for
the
record,
the
the
unemployment
trust
fund,
is
money.
That's
collected
from
employers
for
those
who
don't
know
through
unemployment
taxes,
and
it
goes
into
a
special
dedicated
fund
to
pay
for
benefits.
Prior
to
the
pandemic,
we
had
about
two
billion
dollars
in
this
fund,
which
was
estimated
to
be
about
a
year
and
a
half
of
worth
of
benefits
at
a
recession
like
we
saw
in
the
great
recession.
Instead,
we
got
the
covid
recession.
D
That
fund
was
depleted
in
december
of
2020,
and
so,
even
though
we
went
through
like
great
depression
level
hit
the
economy,
we
still
went
about
six
to
eight
months
before
we
depleted
that
trust
fund,
but
it
did
run
out
of
funds
in
december
of
2020.
There
is
a
permanent
provision
in
social
security
law,
title
12,
which
provides
for
essentially
unlimited
loans
from
the
federal
government
to
states
to
continue
paying
unemployment
benefits.
D
We
tapped
that
from
roughly
december
until
about
may
borrowing
a
little
bit
less
than
350
million
dollars.
I
think
in
the
process
we
received
some
loans
through
some
of
the
federal,
not
alone,
but
essentially
a
grant
from
the
federal
stimulus
which
the
governor
and
legislature
decided
to
use
to
repay
that
loan
and
bring
us
back
up
to
zero
to
prevent
some
increased
federal
taxes
on
employers.
D
Since
then,
contributions
have
continued
to
come
in.
Currently,
the
fund
sits
at
about
a
little
over
600
million
dollars,
which
is
not
the
2
billion
we
had
before
the
pandemic,
but
it
is
making
progress
to
restoring
the
trust
fund,
in
contrast,
we're
paying
under
three
million
dollars
a
week
right
now
in
benefits.
D
So
at
current
levels
we
have
almost
four
years
worth
of
benefits
in
that
reserve,
but
really
the
the
goal
of
that
fund
would
be
to
build
up
reserves
to
get
to
the
point
where
in
a
future
recession,
we
are
able
to
absorb
that
impact,
hopefully
without
needing
to
raise
taxes
on
employers,
and
so
those
loans
have
been
paid
off,
there's
no
potential
interest
or
other
federal
charges
due
to
states
that
have
outstanding
balances.
In
contrast,
I
think
california
has
about
17
billion
dollars
in
loans
still
to
the
feds.
D
So
we're
we're
rebuilding
that
fund.
We
are
cash
flow,
positive
in
terms
of
total
benefits,
paid
out
and
total
contributions
being
paid,
and
so
that
the
outlook
for
that
fund
is
to
probably
continue
to
grow,
depending
on
the
the
tax
rates
that
are
set
at
the
the
annual
process,
which
takes
place
in
between
october
and
december
of
each
year.
B
Thank
you.
You
know
it
almost
looks
like
I
just
make
a
comment
here.
Is
that,
given
some
changes,
we've
seen
in
our
economy,
we
are
probably
through
a
normal
recession.
I'm
not
talking
about
some
of
these
strange
ones
like
over,
but
through
a
normal
recession.
Perhaps
we're
getting
actually
a
little
bit
better
protected
than
we
have
been
in
the
past.
D
D
I
think
that
it
was
a
active
decision
by
the
employment
security
council
to
try
to
build
that
fund
up,
and
I
think
it's
a
credit
to
the
way
that
process
ran,
that
we
went
through
the
biggest
impact
any
state
has
ever
seen
in
terms
of
unemployment,
and
we
still
went
from
april
through
december
before
we
had
to
borrow
any
money,
because
we
had
that
healthy
of
a
reserve
and
that
sort
of
posture
going
in
other
states
had
to
borrow
much
more
quickly
than
we
did,
and
I
think
that
also
helps
achieve.
D
The
part
of
the
purpose
of
the
trust
fund
is
providing
more
stability
to
employers
heading
into
the
pandemic.
The
average
tax
rate
on
employers
was
at
1.65
coming
out
of
the
pandemic.
The
average
tax
rate
on
employers
is
at
1.65
with
no
surcharges,
no
interest
fees,
no
federal
unemployment
tax
increases.
So
we
actually
managed
to
hit
that
objective
of
fiscal
stability
through
the
entire
course
of
the
pandemic.
That
also
involved
getting
some
money.
The
the
governor
and
legislature
appropriating
money
from
the
american
rescue
plan.
D
I
think
funds
to
repay
that
300
million
in
loans,
but
in
contrast,
in
the
great
recession
we
took
on
in
a
smaller
recession,
almost
850
million
dollars
in
loans,
and
so
because
we
went
in
with
a
more
secure
fund
a
slightly
higher
average
tax
rate
on
employers.
We're
able
to
maintain
that
stability
through
the
course
of
the
whole
pandemic.
B
Hi
david,
this
is
vincenzon,
so
this
this
data
is
very
interesting
to
me
right.
We
have
demand
for
labor
at
or
near
an
all-time
high.
We
have
unemployment
at
or
near
an
interim
low
on
this
map.
B
We
have
long-term
unemployment
at
an
interim
high
and
labor
force
participation
sorting
toward
the
towards
the
low
end
of
what
we
would
consider
normal.
So
this
is
obviously
a
labor
market
that
there's
a
lot
of
friction
and
dislocation
in.
B
I
guess
my
question
is-
and
I
don't
know
if
this
is
the
right
form
to
ask
this.
Obviously,
as
a
remember
I'll,
try
anyway,
are
there
any
sort
of
macro
or
high
level
policy
recommendations
you
would
make
where
we
can
reduce
some
of
the
friction
in
the
system
encourage
workforce
participation,
you
know
redistribute,
you
know
the
workforce.
B
D
So
so
david
should
be
again
for
the
record
and
I'll
probably
keep
this
kind
of
generic.
I
I
will
say
these:
these
are
some
common
slides
that
I
tend
to
share
with
in
other
forums
like
the
governor's
workforce,
development
boards,
industry
sector
councils
and
just
within
the
department
here,
because
these
are
very
good
questions
and
they
are
definitely
hard
to
answer.
I
think
part
of
any
solution
is
ultimately
a
person.
Getting
a
job
is
a
small
scale
match
it's
a
person
and
it's
a
job
and
making
those
connections.
D
D
I
think
that
time
scale
is
a
huge
part
of
the
challenge
that
we're
facing
in
the
numbers
that
we're
currently
seeing
where
it
it
takes
time
for
a
person
to
get
connected
with
a
job
in
say
the
child
care
industry
and
then
for
a
parent
to
be
able
to
place
their
kid
into
that
child
care
so
that
they
are
then
equipped
to
go
out
and
be
able
to
work.
D
And
so
the
economy
is
a
incredibly
complex
web
of
individual
interactions
and
I
think,
take
the
time
that
it
takes
for
those
interactions
to
sort
out
is
part
of
the
the
challenge
it
it's
ultimately
working
with
individual
workers
and
individual
employers
and
trying
to
find
those
matches.
D
I
I
do
think
one
of
my
my
generic
things
that
I
like
to
throw
out,
especially
in
a
tight
labor
market,
is
it's
a
great
opportunity
for
employers
to
look
for
opportun
the
chance
to
recruit
people
who
other
employers
might
be
overlooking,
and
so
I
think
that
you're
you're
people
who
generally
have
higher
barriers
to
employment
or
people
like
people
with
disabilities
or
people
with
scheduling,
needs
wherever
possible.
D
If
you're
able
to
recruit
someone
that
another
employer
isn't
also
chasing,
you
have
the
opportunity
to
you
know
potentially
find
individuals
that
are
highly
motivated
to
work
and
they
just
need
some
additional
supports
and
one
reason
I
love
being
a
part
of
the
department
of
employment,
training
and
rehabilitation.
Is
that
like
that's?
D
Our
our
mission
is
to
help
connect
people
connect
workers,
connect
employers
and
and
find
those
those
meaningful
career
wins,
but
as
far
as
broad
solutions,
I
think
there's
a
lot
of
individual
bits
and
pieces,
but
trying
to
connect
each
dot
one
at
a
time,
and
probably
just
giving
a
little
bit
of
time
for
that
web
of
supports
to
come
into
place
to
help
support.
You
know,
career
outcomes
for
people.
D
All
right
I'm
going
to
go
ahead
and
share
my
my
screen
and
get
to
the
last
little
bit
of
my
my
presentation
here.
Thank
you
for
for
your
patience.
I
I
love
this
stuff
and
I
could
really
go
on
all
day.
This
is
really
gonna
be
focused
on
sort
of
forward
looking,
especially
for
employment,
for
as
far
as
unemployment
and
labor
force,
I
have
sort
of
my
general
expectations
here.
D
I
think
the
broad
trend
in
employment
is
going
to
be
kind
of
returning
to
normal
trends
in
terms
of
labor
force
unemployment
growth,
I'm
not
really
expecting
to
see
that
80
number
jump
up
a
whole
lot
for
accommodation.
I,
the
accommodation
industry,
has
been
pretty
flat
for
a
while.
D
If
you
look
at
casino
hotels
in
las
vegas
employment,
there
peaked
in
about
2006
and
in
reno
it
peaked
in
1997.,
so
the
broad
trend
coming
out
of
recessions
has
been
either
flat
or
seeing
some
job
loss
and
then
a
less
than
complete
recovery.
D
D
I
do
think
that
labor
force
participation
is
in
part
being
driven
down
nationally,
but
due
to
large
demographic
trends
like
the
aging
of
the
baby
boom
population
and
because
I
think
part
of
what
we're
seeing
in
nevada
is
people
who
want
to
retire
moving
to
nevada
for
the
experience
that
we
can
offer
them.
I
think
that
will
push
down
our
participation
relative
to
other
states.
D
If
you
look
we're
actually
pretty
similar
to
states
like
arizona
and
florida
in
terms
of
that
60-ish
percent
participation
rate,
and
so
I
think
that
will
be
a
bigger
part
of
our
structure
growing
going
forward
with
regard
to
labor
markets.
I
do
expect
them
to
remain
pretty
tight.
I
expect
unemployment
to
remain
pretty
low
and
generally
slide
down
over
the
next
several
years,
without
a
large
change
in
that
activity.
D
We
do
a
few
different
types
of
projections
with
regard
to
employment
in
our
office,
we
do
formal
as
a
part
of
one
of
our
federal
grants,
short
and
long-term
projections,
which
are
either
two
or
ten
years.
These
all
go
from
a
specific
base
year
to
a
period
in
the
future.
So
our
short-term
projections
right
now
are
from
2021
as
our
base
year
in
june
to
june
of
2023.
So
I'm.
D
Talk
about
these
because
the
forum
is
thinking
a
little
bit
further
out
in
the
future,
and
one
year
from
now
is,
I
think,
just
too
short
a
time
horizon
to
be
of
much
use
to
you,
especially
when
you're
thinking
about
the
next
biennium.
We
also
do
our
10-year
projections.
These
are
intended
to
be
more
business
cycle
neutral,
but
what's
the
long-term
trend
in
an
industry,
so
these
go
currently
what
we're
working
on.
D
I
will
say
these
are
also
preliminary
we're
not
finalizing
them
until
I
think
the
first
week
of
july,
but
we
do
have
our
at
least
preliminary
industry
forecasts,
and
so
I've
included
some
of
those
here,
but
these
go
from
june
of
2020
to
june
of
2023
or
2030.,
and
so
one
these
are
growing
from
june
of
2020,
which
was
obviously
a
period
where
we
were
still
right
in
the
middle
of
the
pandemic,
and
so
some
of
the
growth
that's
reflected
here
is
that
pandemic
rebound,
even
though
their
business
cycle
neutral
going
from
the
very
bottom
of
the
biggest
spike
we've
ever
seen,
isn't
really
a
we
don't
want
to
just
say.
D
Well,
you
know
continue
the
trend
from
there
because
we
do
have
more
current
information
and
I'm
also
including
some
more
informal
models.
This
is
just
sort
of
plug
the
series
into
an
auto
arima
or
exponential
trend,
smoothing
model
and
see
sort
of
what
comes
out
for
a
like.
How
might
this
go
and
it
gives
us
another
way
of
thinking
about
what's
going
on?
D
This
is
modeled
on
monthly
data,
not
quarterly
data,
just
because
I'm
trying
to
go
from
where
we
are
right
now,
what's
kind
of
the
the
future
that
we
might
be
expecting
and
that's
also
a
model
of
model,
the
data,
and
so
where
the
model
tends
to
maybe
smooth
out
the
the
individual
fluctuations
we
might
see.
I
think
these
models
probably
get
a
lot
of
that
smoothing
incorporated
as
well.
D
Looking
at
some
of
our
long-term
projections,
I
will
say
this
is
just
a
piece
of
it.
I
think
we
have
like
80
three-digit
industries.
I
accidentally
duplicated
food
services
and
drinking
places
here
which
you'll
see,
but
I
just
pulled
out
a
few
industries
that
I
thought
would
be
interesting
or
worthwhile.
If
you
want
to
see
a
fuller
list
of
what
our
industry
projections
are,
we
could
certainly
make
those
available
in
yellow.
D
Here
I
highlighted
the
total
all
industry
projection,
which
has
us
at
employment
in
2030
of
about
one
little
over
1.6
million
for
an
annualized
growth
rate
of
2.3
percent.
D
Some
industry
is
clearly
well
above
that,
because
we're
going
from
june
of
2020
accommodation
has
a
really
high
growth
rate,
but
remember
that's
from
the
very
low
point
of
the
pandemic,
even
with
181
000
jobs
in
2030,
that's
still
not
fully
recovered
to
where
we
were
going
into
the
pandemic,
which
was,
I
think,
that
closer
to
200,
000
jobs
or
we
expect
to
see
the
most
growth
is
in
this
nursing
and
residential
care
facilities
with
5.8
percent
growth
from
2020
to
20
30..
Some
of
this
is
pandemic
related.
D
Some
of
this
is
also
longer
term
demographic
trend
related
on
the
slightly
slower
side
front
compared
to
the
the
all
industry
average.
You
have
food
services
and
drinking
places,
basically
right
on
trend,
education
and
health
services
growing
slightly
slower
than
trend,
mining
and
manufacturing
being
a
little
bit
slower
and
then
credit.
I
picked
this
one
just
because
it
was
one
of
the
lowest
was
credit
intermediation
and
related
activities
with
the
the
sort
of
slowing
of
the
housing
market,
not
seeing
necessarily
an
awful
lot
of
growth
there.
D
Looking
at
some
of
the
informal
presentation,
our
projections,
these
are
also
sort
of
10-year
numbers.
I
just
put
the
the
annualized
growth
rate
growth
rate
in
the
top
corner.
This
would
be
from
april
of
2022,
so
it's
not
projecting
from
essentially
the
bottom
of
the
pandemic,
but
for
total
non-farm,
pretty
similar
growth
rate
a
little
bit
in
this
case
less
than
two
percent.
D
In
this
case
the
model
just
says:
zero
percent
growth
for
accommodation,
food
service,
because
I
think,
there's
so
much
volatility
with
that
huge
drop
from
the
pandemic,
even
though
we've
recovered
and
it's
flattened
out
in
places.
I
think
the
the
clear,
relatively
flat
trend
from
2000
to
2010,
into
where
we're
at
today
is
probably
getting
picked
up
here,
a
lot
where
it's
not
necessarily
expecting
an
awful
lot
of
growth
and
where
we
have
seen
this
growth
coming
out
of
the
recession.
D
That
was
largely
on
the
food
service
side,
not
the
accommodation
side
again
with
construction,
it's
not
seeing
as
large
a
recovery.
You
can
see
that
we're,
basically
where
we
were
prior
to
the
housing
boom,
and
I
think
that
is
kind
of
dominating
the
the
automatic
trends
here:
healthcare
and
social
assistance.
I
know
the
prior
chief
economist
here
used
to
joke
that
this
was
the
best
series
in
the
world
to
forecast
because
you
could
just
draw
a
line
through
it
also
looking
at
manufacturing
professional
business
services.
D
A
lot
of
these
industries
are
either
in
that
two
percent
growth
range
or
the
zero
percent
growth
range.
But
that's
I,
I
think,
generally
a
pretty
good
blueprint
for
what
we
might
expect.
So,
if
you're
looking
at
employment
growth
on
average
of
somewhere
in
that
1.82
growth
range,
I
I
think
that's
a
pretty
good
ballpark
for
what
we
might
expect
to
see
with
employment
heading
out
into
the
next
biennium,
and
that
is
all
the
slides.
I
have
I'm
happy
to
answer
any
other
questions
you
might
have.
C
I
think
it'll
be
interesting
as
we
go
into
the
forecast
cycle.
Obviously,
these
inputs
play
a
major
role
in
forecasting
some
of
the
revenue
sources,
so
it'll
be
interesting
to
see
how
this
plays
out
in
this
very
unique.
You
know
time
with
different
different
pressures
affecting
employment.
B
Appreciate
it
sorry,
chair
wasn't
that
I
didn't
going
back
to
the
the
selected
long-term
projections
david
that
you
had
you
know.
Specifically,
I
noticed
you
picked
one
out
called
ambulatory
health
care
services.
You
show
that
growing
at
a
lower
rate
than
you
know
the
nursing
residential
care.
I
would
think
that
would
follow
that
trend
a
little
bit
closer.
I'm
just
wondering
if
you
have
any
thoughts
as
to
why
that's
so
low
and
that
projection
going
out.
D
C
So
that
concludes
agenda
item.
Seven.
Now
we're
going
to
get
into
some
information
sets
that
mr
gindin
will
walk
us
through
to
help
set
the
stage
for
what's
happened
in
the
past
and,
and
you
know,
get
us
on
a
level
playing
field
for
what
we're
going
to
need
to
to
consider
for
the
forecast
going
forward.
C
So
we'll
skip
to
agenda
item
8,
which
is
a
presentation
on
the
tax
changes
that
were
approved
by
the
legislature
during
the
2021
session
court
decisions
related
to
actions
approved
by
the
legislation
during
the
2019
session,
and
then
the
economic
forum's
may
4th
2021
forecast
for
fy
21,
22
and
23
adjusted
for
some
of
those
actions.
So
with
that
I'll
turn
the
floor
back
over
to
mr
ginden.
A
A
So
I
will
suggest
that,
if
possible,
you
try
and
follow
along.
Maybe
if
you
can,
if
you
have
another
screen
or
not
with
the
the
tables
that
are
in
packet,
and
so
this
this
table
begins
for
agenda
item
8
on
page
65
of
the
packet
and
so
for
the
three
returning
members.
This
is
information
under
agenda
item
eight
that
was
actually
brought
forward
and
presented
to
the
economic
forum
at
their
december
2021
meeting.
A
But
with
two
new
members.
We
thought
it
would
be
beneficial
to
bring
this
set
of
information
forward
for
the
new
members,
but
also
to
somewhat
use
it
to
set
some
of
the
stage
for
the
meetings
that
will
be
occurring
here
in
october
in
november
and
december,
and
so
the
tables
that
you're
looking
at
here
this
set
of
tables
is
this
is
what's
referred
to
as
the
economic
forms
general
fund
revenue
forecast
table.
A
So
this
is
the
set
of
tables,
and
you
can
see
the
notes
sometimes
outnumber
the
actual
number
of
tables
with
numbers,
and
so
when
the
economic
forum
is
conducting
its
business,
as
I
went
through
required
to
do
the
general
fund
unrestricted
revenue
forecast
on
before
december
third
of
the
even
numbered
years
and
then
made
of
the
odd
numbered
years
that
this
is
the
table.
A
But,
as
chair
rosenthal
pointed
out
in
reading
the
agenda
item
title
that
it
includes
adjustments
for
legislative
actions
and,
in
this
particular
case
also
for
court
decisions,
and
so
I
just
wanted
to
pause
here
for
a
second
for
everyone,
but
especially
the
two
new
members
to
explain
what
occurs
to
get
to
this
set
of
tables.
A
The
economic
forum
is
required
to
produce
its
forecast
in
in
december
and
may
under
current
law.
Obviously,
the
may
forecast
is
occurring
during
the
legislative
session.
Thus,
the
legislature
can
be
considering
making
changes
to
the
law.
That
would
impact
any
one
or
more
of
these
unrestricted
general
fund
revenue
sources.
A
Excuse
me,
may
1st
deadline
so
then,
what
staff
from
the
physical
analysis
division
does,
is
attempts
to
go
if
the,
if
it's
not
an
integral
part
of,
what's
going
on
during
session,
where
we
may
already
be
preparing
estimates
for
it,
and
we
may
be
preparing
those
estimates
independently,
as
staff
to
the
legislature,
but
generally
we're
working
with
our
colleagues
from
the
agency
that
would
be
administering
the
revenue
source
for
which
the
law
change
would
be
occurring
and
all
are.
A
We
also
will
work
with
our
counterpart
in
the
budget
division
and
the
governor's
office
of
finance
in
producing
these
estimates
for
when
possible,
for
the
estimated
impact
of
legislative
changes
to
the
law
for
these
revenue
sources.
So
then
we
have
to
get
those
estimates
incorporated
into
the
economic
forum's
may
forecast.
That
was
done
without
consideration
of
these
lawsuits.
A
So
that's
what
the
elements
are
for
with
regards
to
the
part
of
the
agenda
item
is
adjustments
for
actions
approved
by
the
legislature
in
the
2021
regular
session.
A
Also
I'll
go
through
a
little
bit
more
here
when
we
get
to
that
specific
item
in
the
tables,
but
we
also
had
an
impact
to
the
modified
business
tax
due
to
a
court
case
in
a
supreme
court
ruling
that
came
out
in
towards
the
end
of
may
during
the
2021
session
that
then
affected
that
revenue
source,
and
thus
we
had
to
take
account
of
that
in
the
economic
function.
A
So
again,
I
I'm
not
going
to
spend
a
lot
of
time
on
going
through
all
the
revenue
sources,
but
just
wanted
to
get
out.
This
is
the
table
that
documents
all
the
general
fund
revenues
that
the
economic
forum
is
preparing
forecasts
for
and
then
later
and
when
we
get
to
an
agenda
item
I'll,
go
through
the
role,
the
technical
advisory
committee
and
in
relation
to
the
forms
direction
to
it
for
many
of
the
revenue
sources
that
are
documented
on
this
table.
A
That
you
can
see
at
the
bottom
there
that
there's
the
total
general
fund
revenues
and
after
tax
credits
and
at
this
meeting
I
don't
want
to
spend
an
inordinate
amount
of
time
going
through
all
the
various
tax
cut
programs,
because
that's
something
I
think
that
would
be
more
appropriate
to
address
at
the
fall
meetings.
But
there
have
been
various
tax
credit
programs
that
began
began
getting
approved
in
2013
legislative
session,
and
then
others
have
been
added
in
sessions
since
the
2013.
A
With
regards
to
tax
credit
programs
that
can
affect
one
or
more
of
the
general
fund
revenue
sources.
Generally,
that's
the
gaming
percentage
fee
tax,
the
modified
business
tax
and
the
insurance
premium
tax
are
the
ones
that
are
principally
affected
by
these
tax
credit
programs.
A
So
we
have
to
handle
them
in
a
different
way
and,
and
so
the
decision
was
to
sort
of
almost
handle
them
as
a
negative
revenue
source
in
terms
of
the
forecasting
process
versus
trying
to
incorporate
them
into
a
net
forecast
for
the
revenue
source
that
they're
forecast,
oh,
that
they
may
have
fat.
So
at
the
bottom
here
you
can
see
that
the
forecast
for
fy21
were
made.
Fy
2021
was
approximately
4.2
billion
and
you
make
so
right.
A
The
form
is
required
to
do
the
forecast
for
the
current
fiscal
year,
as
I
stated
so
on
may
21.
They
still
have
to
do
a
forecast
for
fi
21
the
current
fiscal
year
and
that
forecast
still
matters
because,
even
though
the
legislature
is
in
session
in
2021
and
considering
doing
forecasts
for
fy,
22
and
23
to
do
the
forecast
for
that.
A
My
next
biennial
budget
cycle,
the
forecast
for
any
revisions
to
the
fy21
forecast,
the
current
biennium
still
matter,
because
the
legislature
and
the
governor
can
look
at
the
the
change
in
the
forecast
for
fy21
and
decide
how
to
allocate
that
revenue
in
terms
of
general
fund
revenue
programs,
or
it
can
generally
end
up
being
coming
part
of
the
ending
fund
balance
for
flag
21,
which
then
is
the
beginning
fund
balance
for
flight
22
and
could
be
considered
as
revenue
available
to
be
used
for
to
provide
general
fund
funding
for
programs
for
the
fy,
22
and
or
the
fy
23
biennial
budget.
A
So
I
will
point
out
here
for
the
the
two
new
members
that,
at
the
december
2021
meeting
staff
prepares
a
set
of
tables
that
always
compares
the
actual
collections
to
the
forecast,
and
so
at
the
the
december
21
meeting
there
was
information
provided
on
how
the
actual
collections
for
fy
21
compared
to
the
forecast
for
from
december
2020
as
well
as
may
21,
is
and
then
also
going
back
to
two
years
prior
when
the
forecast
would
have
been
a
forecast
as
the
two-year
ahead
forecast
for
flight
21,
and
so
all
that
information
is
available.
A
A
I
think
stating
at
this
point
time,
since
it
went
through
my
mind,
is
that
clearly
a
staff
to
the
members
of
the
economic
forum,
if
mr
chrome
and
mr
zahn
would
like
additional
information
or
would
like
the
opportunity
for
staff
to
go
through
any
of
that
information
or
other
information
that
they
feel
that
they
would
like
to
have
in
preparing
for
the
fall
meetings.
They
are
welcome
to
contact
staff
and
we
can
provide
them
the
information
or
set
up
a
meeting
to
come
through
that
with
them.
A
So
I
just
since
that
went
to
my
mind,
wanted
to
offer
it
now.
I
will
point
out
that
the
forecast
of
the
4.248
billion
that
you
see
here
for
fy21
the
actual
collections
were
approximately
226
million
dollars
above
that
forecast
just
to
provide
a
little
bit
of
reference
point
as
you're.
When
we
go
into
the
next
agenda
item
and
start
comparing
the
fy
22
actuals
compared
to
forecast.
So
then
you
can
see
the
forecast
for
fy
2022
was
approximately
4.4
billion
and
then
4.7
billion
here
for
flight
23.
A
A
Sorry,
my
computer
was
acting
slow,
so
there
are
many
other
tables
under
this
agenda
item
and
again,
this
is
the
information
presented
in
the
december
21
meeting
being
brought
forward,
and
I
don't
plan
to
go
through
all
these
these
this
table,
one
two
and
three
are
a
set
of
tables
that
staff
to
the
economic
forum,
as
well
as
fiscal
staff
and
staff
to
the
nevada
legislature,
decided
to
that.
A
As
it
existed
under
law
at
that
point
in
time,
as
well
as
then
itemizing
out
the
tax
cut,
and
so
that's
what
table
one
is
and
again
all
these
tables
are
actually
prepared
and
provided
in,
what's
called
the
appropriations
report,
which
is
prepared
by
the
fiscal
analysis,
division
and
it's
also
available
on
the
legislature's
website,
and
it
can
be
provided,
though,
independently
to
any
of
the
members
that
would
like
to
have
that
document
so
table
two
is
the
table
where
we
actually
go
through
and
attempt
to
document
those
legislative
actions
and,
in
this
particular
case
court
decision
that
affects
any
of
these
general
fund
revenue
sources
and
then,
when
possible,
provide
the
estimate
so
I'll
just
go
through
some
of
the
the
major
ones
here,
especially
as
they
would
have
the
potential
for
consideration
by
staff
in
the
economic
40
forms
duties
going
forward
for
the
december
forecast
approval
process.
A
A
Page
79
of
the
economic
or
excuse
me
of
the
meeting
packet
so
in
in
8495,
a
a
new
tax
on
businesses
in
the
business
of
extracting
gold
and
silver
are
required
to
pay
a
new
tax
on
their
mining
gross
revenue,
and
you
can
see
the
details
of
it
here
that
it's
a
tax,
that's
due
at
towards
the
end
of
the
fiscal
year,
based
on
the
gross
revenue
for
the
immediately
preceding
calendar
year,
and
so
the
tax
is
that
it's
0.75
of
the
gross
revenue
in
excess
of
20
million.
A
So
the
first
20
million
is
the
exempt
from
taxation
and
then
1.1
percent
on
any
calendar
year.
Gross
revenue
in
excess
of
150
million.
The
estimates
for
that
you
can
see
here
are
approximately
83.8
million
for
fy
22
and
81
million
dollars
or
fy23
the
at
this
point
in
time.
The
department
taxation
has
reported
no
actual
year-to-date
collections,
there's
a
new
text,
their
understanding
from
talking
to
texas,
stuff,
they're,
still
working
to
this
text
and
then
getting
it
processed
and
also
working
with
the
controller
system
on
how
to
account
for
it.
A
Based
on
the
nature
of
this
new
tax
and
its
mechanics
us,
but
we
will
obviously
have
information
to
report
on
this
as
the
actual
collections
for
fy22
compared
to
the
forecast
at
the
october
meeting.
A
What's
worth
pointing
out
for
this
tax,
as
well
as
the
net
proceeds
and
minerals
tax,
that's
been
an
existing
tax
on
the
net
proceeds
of
all
mining,
not
just
gold
and
silver
that,
under
the
provisions
approved
in
ab-495
for
the
this
new
mining
gross
revenue
tax
on
gold
and
silver
extraction,
that
the
proceeds
of
this
new
tax
belong
to
the
general
fund
in
fy,
22
and
fi
23
only
beginning
in
fy
24.
They
go
to
what
is
called
the
state
education
fund,
which
is
the
fund.
A
That's
set
up
where
all
the
revenue
goes
now
under
the
new
people-centered
funding
plan
for
funding,
k-12
education,
so
the
and
then
also
for
the
net
proceeds
and
minerals
tax.
The
state's
general
fund
portion
that
tax
will
begin
going
to
the
state
education
fund,
beginning
in
fy
24
also.
A
So
what
that
means
for
the
economic
forum
and
staff
that
will
be
preparing
forecasts
to
bring
forward
to
the
technical
advisory
committee
in
the
economic
forum
is,
is
that
we
will
have
to
prepare
forecasts
for
fy23
in
the
forum
we'll
have
to
approve
a
forecast
for
fl
23,
but
the
since
the
economic
forum
doesn't
have
any
statutory
requirement
or
responsibility
to
provide
forecasts
for
the
revenue
sources
that
make
up
the
state
education
fund.
A
If
the
economic
forum
will
not
be
presented,
nor
approving
forecasts
for
fy24
and
fy25
for
this
new
tax,
as
well
as
the
net
proceeds
and
minerals
tax.
So
I
just
wanted
to
put
that
out
there
in
terms
of
one
of
the
elements
that
will
be
being
taken
into
account
as
the
form
and
staff
move
into
the
fall
forecast
cycle
on
page
80
of
the
packet
in
table.
A
Two,
you
see
the
modified
business
tax
and
with
the
listing
here
and
as
the
modified
business
tax
as
a
general
tax
actually
is
comprised
of
three
components.
A
What
we
refer
to
as
the
modified
business
tax
on
non-financial
businesses-
it's
sometimes
referred
to
as
general
business
as
well
as
then,
the
modified
business
tax
on
financial
institutions
and
the
modified
business
tax
on
mining.
A
The
non-ve
mon,
the
mbt
on
financial
mining
has
the
same
structure
in
terms
of
the
tax
rates
in
relation
to
the
structure
and
tax
rates
for
the
mbt
on
non-financial
entities.
A
To
provide
a
little
bit
of
the
information
here
in
the
2015
session
when
the
commerce
tax
as
a
new
tax
was
approved.
There
are
also
changes
made
to
the
modified
business
tax
and
such
that
the
the
rate
was
established
at
1.475
percent
on
orderly
wages
paid
by
an
employer
to
their
employees
that
exceeded
fifty
thousand
dollars
per
quarter.
A
And
then
the
tax
rate
on
the
modified
business
tax
on
financial
mining
institutions
was
set
at
two
percent.
A
But
then
there
were
provisions
put
in
place
as
part
of
the
the
new
commerce
tax
being
approved
and
the
increase
in
the
modified
business
tax
rate,
which
we
referred
to
as
the
mbt
rate
reduction
calculation
and
under
the
provisions
established
in
the
2015
session
that
the
department
of
taxation
on
or
before
september,
30th
of
even-numbered
years,
they're
they're
supposed
to
go.
Look
at
the
actual
collections
for
that
immediately
preceding
even
numbered
fiscal
year
and
look
at
the
actual
collections
for
the
modified
business
tax.
A
All
three
components
as
well
as
the
commerce
tax
and
then
the
branch
bank
excise
tax-
and
I
will
point
out,
is
the
branch
back
exercise.
Tax
is
more
just
a
result
of
the
chapter
reference
for
the
structure
of
this
mbt
rate
reduction
calculation,
but
it's
such
a
small
revenue
source.
It
doesn't
really
have
any
bearing
in
impacting
the
calculation,
but
I
statutorily
need
to
point
out
that
it
is
a
revenue
element
of
the
rate
reduction
calculation.
A
A
A
If
the
actual
collections
come
in
more
than
four
percent
above
the
forecast,
then
taxation
is
required
to
do
the
statutory
formula
calculation,
the
proportionally
reduced
and
modified
business
tax
rates
such
that
they
would
have
only
generated
four
percent
revenue
over
the
forecast,
so
that
calculation
done
by
the
department
of
taxation
for
september
2018
resulted
in
the
mbt,
non-financial
rate
being
required
to
be
reduced
from
one
point:
four:
seven:
five
percent
to
one
point:
three:
seven:
eight
percent
and
the
two
percent
rate
tax
on
the
mod
for
the
modified
business
tax
and
financial
mining
to
be
lowered
from
two
percent.
A
To
one
point:
eight:
five:
three
percent,
though,
under
the
provisions
for
the
modified
business
tax
rate
reduction
calculation,
the
any
rate
reductions
that
are
to
occur
don't
become
effective
until
july,
first
of
the
next
fiscal
year.
A
Thus
the
december
2020
and
may
21
the
economic
forum
as
well
staff
produced
forecasts
based
on
these
lower
rates
and
then,
but
during
the
21
session,
sp
551
was
approved,
which
the
practical
effect
was
it
eliminated
the
effect
and
got
rid
of
the
rate
reduction
calculation.
Thus
it
was
the
the
effect
was
to
establish
those
higher
rates
of
1.475
for
the
modified
business
tax
on
non-financial
and
2
percent
on
financial
and
mining
entities.
A
Thus,
after
the
the
2019
session,
we
had
to
go,
do
a
legislative
adjustment
to
add
that
money
back
because
the
form
and
had
forecast
at
the
lower
rates
and
add
that
back
the
provisions
of
sb
551
were
challenged
in
the
courts
and
the
lower
court.
You
can
see
in
the
note
there
so
a
lot
more
people
just
read
it
that
ruled
that
the
provisions
of
sb
551
regarding
the
mbt
were
unconstitutional
and
on
may
13
2021.
A
So
the
the
effect
of
the
supreme
court's
ruling
was
is
that
the
economic
forum
in
may
21
have
done
the
forecast
at
the
higher
rates
based
on
the
2019
session.
A
But
with
the
court
decision
occurring,
then
we
had
to
go
in
and
make
the
adjustments,
thus
working
staff
from
the
budget
decision
of
gfo
and
taxation.
In
the
fiscal
analysis,
division
worked
to
try
and
work
through
the
effect
of
the
court
decision.
A
The
court
decision
effect
was
that
taxpayers
had
paid
at
the
higher
rate
for
all
four
quarters
of
fy
2021
or
excuse
me,
fy
2020
in
the
first
three
quarters
of
fy
2021,
because
taxation
was
able
to
effectuate
the
rate
reduction
for
the
last
quarter
of
fy
2021..
A
Does
that
mean
mbt
taxpayers
who
paid
taxes
at
the
higher
rate
for
the
four
quarters
of
fy
2020
and
the
three
quarters
of
fy21
were
entitled
refunds
and
then
the
rate
reduction
became
effective
for
the
fourth
quarter
of
fy
21
and
then
going
forward.
Thus
what
you
see
here
are
the
estimates
that
staff
put
together
to
attempt
to
estimate
the
effect
for
the
refunds
with
including
the
interest
on
those
refunds
and
then
the
rate
reduction
and
allocating
those
effects
to
fy
21,
fy,
22
and
fy
2022.
A
so
again,
under
the
the
current
law,
based
on
the
supreme
court's
ruling,
that
staff
will
be
preparing
forecasts
right
now
under
the
lower
rates.
It's
worth
noting
here
and
then
it'll
be.
We
will
know
by
the
october
meeting
and
we'll
have
work
with
chair
rosenthal
to
have
an
agenda
item
to
have
taxation
come
in
and
present,
because
not
only
did
the
court
decision
say
that
the
effects
of
sb
551
were
unconstitutional,
what
it
did
is
it
reestablished
the
mbt
rate
reduction
calculation
provisions
in
law.
A
Thus,
the
department
taxation
will
be
required
on
before
september,
30th
2022,
we'll
look
at
the
actual
collections
for
fy
2022
compared
to
the
forecast
or
the
modified
business
tax,
the
commerce
tax
and
the
branch
excise
tax
and
again,
if
those
actual
collections
are
more
than
four
percent
over
the
forecast,
they'll
be
required
to
do
the
proportional
rate
reduction.
So
I
just
thought
it
would
be
worth
pointing
out
here
that.
A
We
may
have
a
different
set
of
rates
under
which
the
forecast
will
have
to
be
prepared
for
fy24
and
fy25
compared
to
fy
23.
If
there
is
a
rate
reduction
requirement
based
on
the
actuals
compared
to
forecast,
but
the
good
news
is
we,
since
that
calculation
is
required
to
be
done
on
before
september
30th?
We
will
know
that
information
at
the
october
meeting
and
then
it
can
be
taken
into
account
by
the
forecasters
in
the
forecast
that
will
be
presented
to
the
economic
forum
at
the
november
and
december
so
man.
A
That
was,
I
think,
the
the
information
that
I
wanted
to
point
out
in
these
two
tables,
and
you
can
see
the
estimated
effects
on
it's
worth,
pointing
out
that
one
of
the
other
items
that
was
approved
by
the
legislature
was
you
can
see
at
the
top
of
the
table
2
on
page
81
of
the
meeting
packet,
it's
under
the
short
term,
carly's
category
that
sb
389
was
passed,
which
is
you
can
see
it
references
the
regulation
of
licensing,
but
also
the
taxation
of
peer-to-peer
car
sharing
programs
and
for
this
think
turo
for
those
that
aren't
familiar.
A
If
you
go
to
turo.com
to
uro,
this
is
where
private
individuals
can
rent
their
own
cars
to
entities
by
using
the
turtle
website,
and
so
the
effect
of
sb
389
was
to
require
the
same
10
state
general
fund
tax
on
short
term,
on
the
rental
of
short-term
sorry,
the
short-term
rental
of
vehicles
by
say,
short-term
rental
companies.
I
think
hertz
enterprise
budget,
those
types
of
sanities
there's
a
ten
percent
tax
on
the
price
for
the
rental
of
the
vehicle,
as
well
as
there's
an
additional
two
percent
tax.
A
That's
imposed
in
clark
at
washoe
when,
on
the
rental
of
a
car.
Those
same
taxes
are
now
due
on
the
rental
price.
When
a
car
is
rented
by
a
person
on
turo,
and
so
you
can
see,
the
estimate
is
only
about
was
about
750
thousand
dollars
becoming
because
it
came
effective
october
1st
of
fy
2022.
A
I
will
point
out
here
that
it's
going
to
be
we
forecasters
will
be
taking
this
into
account
when
they're
doing
a
forecast.
Most
likely
staff
will
not
be
able
to
separately
talk
about
this
or
display
information
for
it
to
the
members
of
the
economic
forum,
because
taxation
cannot,
because
of
the
potential
limited
number
of
taxpayers.
A
Taxation
can't
disclose
information
publicly.
That
would
result
in
an
individual's
taxpayers
or
allowing
someone
to
infer
what
tax
an
individual
taxpayer's
numbers
may
be
if
there's
not
enough
taxpayers.
So
I
just
wanted
to
point
out
that
this
is
a
new
thing
that
will
be
taking
account
when
we're
doing
the
short-term
car
rental
forecast,
but
we
may
not
be
able
to
itemize
out
the
actual
effects
of
this
legislation
due
to
the
nature
of
the
tax
and
the
number
of
taxpayers.
The
department
taxations
require
that
to
not
disclose
any
information
about
an
individual
taxpayer's
taxes.
A
What
it
does
is
it
brings
the
results
of
table,
one
which
is
again
summarizing
the
economics
forum
forecast
under
current
law
and
then
the
results
of
table
two,
which
is
any
changes
due
to
the
legislative
actions
and
again,
in
this
case
court
decisions,
and
it
just
summarizes
at
an
aggregate
level,
the
total
general
fund
and
then
itemizes
out
the
effect
of
the
tax,
and
it's
worth
pointing
out
here
that
what
what
the
forecasters
do
based
on
the
the
direction
provided
by
the
economic
forum
is
we're
preparing
any
revenue
source
that
could
be
affected
by
tax
credit
programs.
A
We
prepare
forecasts
in
gross
terms,
that
is
before
the
effect
of
any
tax
credits,
and
then
that's
what
is
presented
to
the
economic
forum,
with
the
economic
forum
considers
and
ends
up
approving,
because
separate
forecasts
are
approved
for
the
tax
credits
and
then
they're
netted
off
at
the
bottom
of
the
table
in
the
forecast
world.
Then,
as
the
actual
world
occurs,
we
get
information
from
the
gaming
control
board
and
department
taxation
in
terms
of
what
was
the
net
amount
of
revenue
collected
in
terms
of
any
tax
credits
that
were
taken.
A
So
then
we
can
determine
the
gross
amount
to
keep
track
of
the
gross
and
net
effects
on
those
revenue
sources.
But
I
think
it's
been
a
good
decision
by
the
economic
forum
and
when
we
get
to
a
later
agenda
item,
we'll
discuss
that.
I
think
it's
much
easier
to
forecast
these
revenue
sources
in
gross
terms
and
that
that
way
not
trying
to
take
into
account
the
individual
tax
credits
for
those
revenue
sources
by
the
individual
forecasters.
A
A
So
sorry,
I'm
trying
to
get
the
thing
to
move
through
then
what
what
I
won't
spend
a
lot
of
time
on,
but
one
it's
our
tables
that
were
in
the
december
meeting,
and
I
don't
know
why
my
computer's
so
slow
here
as.
A
A
So
this
was
a
table
just
to
document
the
comparison
between
the
economic
forum's
december
3rd
2020
forecast
under
current
law
and
then
the
may
4
2021
forecast,
adjusted
for
legislative
actions
and
court
decisions.
Just
this
is
a
way
of
documenting
how
much
additional
revenue
was
added
between
the
forecast
and
again
here,
it's
a
much
larger
number
than
you
would
normally
see
because
of
the
difficulty
in
forecasting
during
a
pandemic-
and
I
will
just
point
out
here-
make
it
part
of
the
information
set
for
were
three
returning
members.
A
But
as
we
were
progressing
through
the
december
meeting
and
into
the
may
meeting,
not
only
did
we
have
uncertainty
about
what
was
going
on
with
covet
cases
and
the
pandemic
and
the
economic
effects,
where
there's
also
uncertainty
about
the
when
the
vaccine
may
be
rolled
out
and
also
with
regards
to
all
the
federal
stimulus
money
that
was
being
out
there
and
when
it
may
be
rolled
out.
A
So
just
I
wanted
to
add
that
to
the
record
here
again
as
to
what
was
the
information
sets
going
on
between
the
december
2020
and
the
may
21
forecast
and
in
terms
of
probably
the
res
and
then
what
actually
started
occurring
in
the
real
world
shortly
after
the
forum
did
its
forecast
and
in
terms
of
the
actual
collections
coming
in,
as,
as
I
said
above,
the
fi
21
forecast,
and
so
you
can
see
that
the
forecast
over
the
three
years
for
the
may
21
forecast
compared
to
december
was
approximately
873.4
million
dollars
in
terms
of
upward
revision.
A
And
you
can
see
that
the
forecast
by
the
years
yourself
looking
at
the
table
one
and
then
on
the
next
page.
A
Page
94
are
some
tables
to
attempt
because
of
the
order
of
magnitude
of
the
changes
just
because
of
the
economy
and
what
was
starting
to
occur
in
terms
of
the
forum's
forecast
and
trying
to
take
account
of
the
stimulus
and
the
vaccines
and
and
all
that,
and
then
you
had
the
legislatively
approved
adjustments
as
well
as
the
court
decisions
so
table
two
at
the
top
of
page
94
just
documents,
those
itemizes
out
those
effects
in
terms
of
by
fiscal
year.
A
The
changes
in
the
may
forecast
compared
to
december
forecast
by
those
that
were
just
purely
due
to
the
economic
forum's
change.
There's
a
change
in
forecast
in
terms
of
the
outlook
for
things
from
the
december
to
me,
as
well
as
those
changes
due
to
the
legislative
actions,
and
then
you
can
see
the
court
decisions
and
the
legislatively
approved
in
court
decisions.
Those
are
coming
out
of
the
table
too,
that
I
previously
went
through
and
again.
A
You
can
see
that
the
net
effects
there
by
fiscal
year,
as
well
as
in
total
and
then
table
three
here,
was
a
table
for
for
as
well
as
staff
in
the
public
to
go
in
and
document
the
results
that
you
saw
in
table
two
and
that
are
shown
in
the
table.
Two
at
the
top
of
this
page,
the
itemize
out
the
effect
of
the
court's
decision
regarding
the
modified
business
tax.
A
And
obviously
it
should
be
no
surprise
that
the
the
bulk
of
the
refunds
and
interest
is
being
allocated
f521,
even
though
that
refund
is
for
fy
2020
and
the
three-quarters
of
fy21
most
of
the
refund
was
allocated
in
fy21,
but
because
of
it
happened
so
close
to
the
end
of
the
fiscal
year.
A
When
we
were
looking
at
this
in
terms
of
what
taxation
thought
they'd
be
able
to
get
in
a
sense
out
the
door,
there
was
some
residual
amount
of
the
refunds
and
interest
that
we
thought
in
the
estimation
world
needed
to
be
placed
on
the
sheets
for
fy
2022
that
you
see
here
and
then
the
rest
is
allocating
the
one
quart
of
rate
reduction
in
fy,
21
and
then
four
quarters
of
the
rate
reduction
for
fy22
and
fi
2023.
A
A
So
if
you
read
this
text,
you
would
be
thinking
where
are
the
other
tables,
and
so
I
just
thought
I
should
black
it
out
in
this
public
document,
but
you,
if
you're
interested
and
what
those
tables
are,
is
what
are
called
the
ending
fund
balance
tables
that
are
in
the
appropriations
report
and
then.
Finally,
I
just
since
this
was
included
in
the
december
meeting,
I'm
including
it
here.
A
This
is
just
the
table
that
was
put
together
for
the
members
of
the
economic
forum
at
the
may
meeting
to
be
able
to
try
and
document
the
change
in
the
may
4
may
21
forecast,
based
on
current
law
to
the
december
forecast
based
on
current
law
by
basically
the
the
major
general
fund
revenue
sources
that
the
economic
forum
forecast,
and
so
with
that
adam
chair.
A
That
was
sort
of,
I
think
the
information
I
wanted
to
get
under
this
agenda
item
out
to
the
members
of
the
economic
forum
and
especially
realized,
went
through
possibly
a
little
more
detail
than
the
summer
meeting,
just
hopefully
for
the
benefit
of
mr
crom
and
mr
zhan
as
new
members,
in
terms
of
what
the
the
form
producing
the
tables
that
are
at
the
beginning
of
this
agenda
item
and
then
the
attempt
to
document,
as
we
move
from
the
december
to
may
forecast
cycle
and
then
also
what
what
happens
after
the
form,
prepares
its
forecast
in
may
and
staff
having
to
come
back
and
make
adjustments.
A
Now.
The
good
thing
is:
is
the
economic
forum
proceeds
here
into
the
october
november
december
forum
forecast
cycle?
It
will
be.
We
won't
have
to
worry
about
any
legislative
actions,
because
staff
the
forecasters
will
get
those
incorporated
into
their
forecast.
A
But
please
note
that,
as
for
those
revenues
that
were
impacted,
we
will
be
making
sure
we're
documenting
and
noting
that,
as
the
information
is
presented
to
the
economic
forum
at
their
october
november
and
december
meetings
in
terms
of
any
of
those
changes
and
what
impact
they
may
have
in
terms
of
the
consideration
that
being
taken
into
account
and
the
effect
on
the
forecast,
the
only
one
that
is
out
there
is
that
we
do
not
know.
A
Yet,
as
I
mentioned,
is
whether
or
not
the
mbt
rate
reduction
calculations
will
actually
trigger
an
additional
mbt
rate
reduction,
which
will
then
be
taken
into
account
in
the
forecast
that
will
be
presented
if
such
a
rate
reduction
does
occur,
but
again
that
information
will
be
available
presented
to
the
format
there
are
commonly,
and
and
with
that,
I'm
sure
I
can
answer
any
of
the
questions
that
the
members
may
have
under
agenda
item.
Eight.
B
B
Excuse
me,
I
agree,
I
was
just
saying
it'd
be
more.
It
would
be
helpful
to
go
into
the
in-depth
review
with
you
and
vincent
and
I
will
try
to
coordinate
our
schedule,
so
you
only
have
to
do
it
once.
A
Okay,
thank
you,
mr
zhan,
mr
kroma,
and
so
what
we
will
do
is
after
this
meeting
is
your
schedules
permit
that
feel
free
to
reach
out
to
me,
and
then
we
can
possibly
work
to
send
you
some
information
in
advance
and
then
me
to
go
through
that
with
you
to
get
you
any
of
the
information
or
human
capital
that
you
feel
that
you
would
like
in
advance
of
the
october
meeting,
and
so
madam
chair,
we
will
just
work
with
mr
zhan
and
mr
crumb
to
effectuate
that
as
your
staff,
so.
C
Great
I'm
glad
to
hear
they'd
like
more
information
and
they're,
not
turning
in
their
resignation.
After
all,
that.
C
The
staff
does
a
great
job
of
keeping
us
in
line
and,
and
you
know,
keeping
the
the
charts
and
the
tables
lined
up
so
that
that
we're
clear,
because
there
are
a
lot
of
a
lot
of
numbers
and
a
lot
of
changes
to
numbers
on
a
lot
of
moving
parts.
But
I
think
you'll
see
as
we
go
through
the
process.
It
actually
is
pretty
logical
and
and
straightforward.
There's
just
a
lot
of
detail
any
other
questions
from
any
other
foreign
members
for
russell
on
this
agenda
item.
C
I
can't
I
can't
see
anybody
because
I
just
see
russell's
screen,
but
I
I'll
take
that
as
everybody's
good,
great
okay.
So
then,
next
on
the
agenda
is
a
report
and
discussion
of
the
actual
year
to
date,
fiscal
year,
2022
collections
compared
to
the
april
or
the
may
4th
2021
forecast
by
the
forum
again
adjusted
for
the
legislative
actions
and
court
decisions
that
impacted
those
forecasts.
A
Yeah,
so
can
everyone
see
the
screen
again?
It's
just
a
white
screen,
so
you're
not
going
well.
I
see
it,
but
I
don't
see
anything
so
so
under
agenda
nine.
This
is
for
the
three
returning
members
and
this
begins
on
page
97
of
the
meeting
packet.
A
Again,
I
would
agree
with
chair
rosenthal
that
this
is
a
lot
of
information
and
it
may
seem
overwhelming
at
times
even
to
staff,
but
this
was
our
attempt
to
document
a
complex
process
and
I
agree
with
j
rosenthal
that
it
all
works
out
as
we
go
through
it
just
at
any
particular
point
in
time.
A
Someone
may
question
that,
so
these
tables
are
the
tables
that
were
put
together
by
staff
to
the
economic
forum
to
track
the
actual
forecast
for
fiscal
year
compared
to
the
forecast.
A
So
that
creates
a
uniqueness,
then,
in
terms
of
trying
to
develop
a
methodology
or
tracking
the
actual
year-to-date
collections
that
are
reported
by
the
various
agencies
responsible
for
administering
these
revenue
sources
and
in
relation
to
a
fiscal
year
form
also
the
tax
credits
add
another
element
of
complexity
too.
So,
madam
chair
I'll,
go
to
these.
A
I'm
not
going
to
go
through
all
these
tables
in
intimate
detail,
but
we'll
probably
go
to
just
a
little
bit
more
here
for
the
benefit
of
members,
chrome
and
zohn
sure
table
one
here
that
you
see
on
the
screen
is
it's
on.
First,
on
the
left
hand
side
you
can
see
we're
blocking
out
by
this
category
called
major
general
fund
revenue
sources,
and
then
we
have
this
non-major
general
fund
revenue
sources
and
then
all
other
and
then
the
tax
credits
as
you
sort
of
work
from
top
to
bottom.
A
A
These
seven
revenue
sources
that
you
see
listed
here
with
the
modified,
the
business
text
being
composed
of
its
three
elements
and
then
the
live,
entertainment
tax
being
comprised
of
two
elements,
but
those
make
up
the
the
seven
major
general
fund
revenue
sources
that
the
economic
forum
at
its
as
it
works
to
to
get
to
the
december
even
number
geared
forecast
and
the
may
odd
year
that
they.
This
is
where
forecasters
actually
present
their
individual
forecasts
to
the
economic
forums
and
the
public
meetings.
A
All
the
other
ones
are
handled
by
the
technical
advisory
committee
based
on
the
direction
of
the
economic
forum
to
the
attack
and
I'll
leave
it
there
and
go
through
that
more
in
another
agenda,
but
just
wanted
to
at
least
get
that
out
there.
Why
you're
seeing
this
distinction
between
trying
to
call
a
major
and
then
non-major
in
terms
of
well,
it's
the
functional
way
that
the
economic
forum
has
decided
to
handle
its
statutory
duties
to
forecast
the
all
of
the
state's
unrestricted
general
funding.
C
Mr
gindin
yeah,
sorry
could
I
interrupt
you
one
second
right
there.
I
just
wanted
to
to
make
it
very
clear
to
especially
the
new
members
that
what
you
see
presented
here
here
is
how
the
economic
forum
has
split.
These
revenues
has
them
split.
Currently,
there
is
absolutely
an
option
for
us
to
move
taxes
within
categories.
If
we
wanted
something
that
is
currently
a
non-major
rent
fund
source
to
be
moved
up
to
a
major
general
fund
source,
we
can
do
that.
So
just
keep
in
mind
that
this
is
somewhat
flexible.
C
A
Thank
you,
madam
chair,
for
bringing
that
up,
because
that
helps
actually
helps
me
in
terms
of,
as
we
will
migrate
to
when
we
get
to
agenda
item
12,
where
we'll
have
more
of
a
discussion.
So
you
making
that
comment
now
actually
helps
facilitate
the
segway
when
we
get
to
that.
You
know
that
item.
A
A
So
in
the
yellow
you
see
the
fy
2021
actual
collections
for
each
revenue
source
and
then
again
the
all
other,
but
it's
all
the
revenue
sources
listed
in
this
table.
So
what
you
see
here
is
the
actual
percent
change
and
then,
in
the
column,
to
the
right
of
that.
That
was
the
forms,
forecast
percent
change
for
the
may
forecast,
and
that
would
have
been
when
their
forecast.
They
would
have
known
the
fi
2020
actual,
but
they
were
forecasting.
A
So
you
can
see
in
the
may,
the
economic
forums
may
4
may
2021
forecast,
as
we
were,
trying
to
figure
out
things
during
the
pandemic
that
they
were
projecting
that
the
state's
two
percent
sales
tax
collections
would
grow
2.3
percent
compared
to
what
the
fy
2020
actually
the
actual
collections
for
fy21,
you
can
see,
grew
9.1
compared
to
the
forecast,
2.3
growth
rate
and
that
ended
up
being
approximately
about
an
83.3
million
dollar
forecast
error
for
fy21
or
the
state
two
percent,
and
I
and
I-
and
it's
worth
pointing
out
here
just
since
I'm
using
the
sales
tax,
that
this
sales
use
tax
line
item
here
is:
what's
called
the
state's
general
fund
portion
of
this,
the
sales
tax
rates
that
are
imposed
in
each
county
and
that's
only
two
percent.
A
So
right,
there's
there's
in
depending
on
the
county
you're
in
your
rate,
can
range
from
six
point:
eight
five
percent.
I
believe
it's
eight
point
three
six
five
percent
or
something
like
that
in
clark
and
so
but
of
that
sales
tax
rate,
only
two
percent
belongs
to
the
state
general
fund.
The
other
rates
are
either
going
to
provide
funding
from
the
sales
tax
for
k-12
education
or
it's
a
revenue
for
local
governments
for
and
or
for
special
purposes,
and
I
don't
intend
that
they
go
through
that.
A
But
again,
if
any
of
the
members
do
have
questions,
we
go
through
that.
So
then
in
the
orange
portion
of
the
table
you
see
the
economic
forums
forecast
for
fy
2022
from
their
may
1st
2021
and
again
any
of
these
revenue
sources
would
include
the
adjustments
for
legislative
actions
or
court
decisions.
The
sales
tax,
fortunately
did
not
have
any
adjustments
to
it.
A
A
But
now
because
we
know
the
fy21
actual,
the
actual
collections
can
actually
decline.
1.8
percent
and
still
achieved
the
fy
2022
forecast,
because
the
f521
came
in
so
much
above.
The
actual
collections
came
in
so
much
above
the
fy21
forecast.
So
that's
what
this
this
first
table
is
showing
you
and
then
in
a
green,
we're
just
showing
you
the
shares
of
the
total
general
fund.
A
So
you
just
have
an
idea
of
the
order
of
magnitude,
and
I
will
be
honest
that
the
shares
throughout
the
fiscal
year
can
get
a
little
goofy
because
of
the
timing
of
when
the
various
monthly,
quarterly
or
annual
taxes
come
in.
So
it's
really
more
important
when
you
look
at
the
shares
of
the
fy21
actual
compared
to
a
forecast,
especially
in
a
pandemic
period,
but
so
keep
in
mind
this
1.8
decline
as
a
number
that
you're
going
to
see
roll
forward
in
the
next
table.
A
So
that's
what
table
one
is
doing
is
showing
you,
the
fy,
21
actual
the
fy
2022
forecast,
and
then
what
was
the
original
projected
forecast
rate
versus?
What
is
it
now
for
fy22,
given
that
we
now
know
the
fy
21
actual,
and
that
tells
you
what
how
much
you
have
to
grow
or
in
some
cases
actually
decline
to
still
achieve
the
forecast.
A
So
with
that
then
going
into
table
two
on
the
next
page
on
page
98
of
the
packet,
so
fy21
is
showing
you
the
fy
21
actual
year
today
and
then
fy
20.
The
orange
is
showing
you
the
fy
22
actual
year
today,
and
so
what
you'll
see
here
is,
on
the
left
hand,
side
again,
it's
the
same
block
as
table
one,
but
in
the
parentheses,
after
the
description
of
the
tax.
It's
telling
you
the
number
of
actual
months
of
collections
known
so
when
you
look
at
this
sales
tax
is
a
monthly
tax.
A
So
here,
through
the
end
of
may,
which
is
our
information
set
ending
date,
there
are
nine
months
of
actual
collections
for
the
sales
tax
known
and
reported
by
the
department
of
taxation
where,
as
you
can
see,
right
below
that
the
percentage
fees
we
actually
know
11
months,
we
know
through
the
end
of
may,
because
right
we're
july
through
june
fiscal
year,
stay
so
our
fiscal
year
permanent
tax
period,
12-month
tax
period
ends
june.
A
So
we
know
through
march
for
the
sales
tax,
but
through
may
the
percentage,
because
that's
important
to
keep
in
mind
when
you're
trying
to
do
this
actual
compared
to
forecast
year-to-date
comparison.
A
I
would
challenge
anybody
in
may
2021
that
would
have
been
forecasting:
26
percent
growth
in
two
percent
sales
tax
and
but
that's
the
actual
percent
change.
Well,
so
then,
what
we?
The
methodology,
the
the
fiscal
analysis
division
uses
to
impute
what
the
actual
fiscal
year-to-date
forecast
amount
is
for
each
revenue
source,
because
there
are
numerous
algorithms
that
could
be
used.
A
What
the
fiscal
division
does
is
sort
of
treats
it
like
an
interest
rate
calculation.
So
you
can
see
here
in
this
second
green
column
and
I'm
trying
to
highlight
with
the
hand
we
actually
said.
Well,
okay,
you
saw
from
table
one.
We
can
decline.
A
One
point:
eight
percent
to
hit
the
fy
2022's
forecast,
given
that
we
know
the
fy
21
action
x
so
take
that
minus
1.8
percent
and
multiply
it
by
you
know
take
that
1.8
percent
decline
growth
rate
and
multiply
it
by
the
fy
21
actual
your
date
amount
to
get
the
imputed
forecast
here
today.
That's
the
mathematic,
that's
going
on
for
every
revenue
source!
That's
why
you
see
the
growth
rates
here
in
the
second
green
column,
matching
those
that
are
in
the
column
in
table
one.
A
So
then,
once
you
do
that
you
can
then
go
out
here
in
the
second,
from
the
right
hand,
column
in
the
green
block
of
data
and
say
well
actual
year-to-date,
fy
2022.
It's
approximately
1.18
billion
for
the
state
2
sales
tax,
but
the
estimated
year-to-date
forecast
would
be
only
923.8
million
thus
year
to
date,
through
the
first
nine
months,
we're
estimating
that
we're
approximately
260.7
million
dollars
above
the
forecast
year-to-date
through
the
first
nine
months
for
the
state,
two
percent
sales
tax.
A
That's
how
you're
reading
this
table
so
then
that's
again,
you
can
go
to
the
other
ones.
You
can
see
for
the
insurance
premium
and
modify
business
text
they're
quarterly,
and
so
we
now
have
three
quarters
of
information,
and
so
in
the
december
meeting
we
only
knew
five
or
six
months
of
the
monthlies
and
one
quarter
of
the
quarterly
lease.
So
you
can
see
here
in
the
june
meeting
we
have
a
much
more
substantial
information
set
for
the
fy
2022.
Actually
here
today.
A
In
fact,
you
can
see
that
it's
it's
approximately
this
orange
column
here
is
what
is.
This
is
the
perfect
we
possibly
know
somewhere,
maybe
around
90
percent
of
the
the
year,
but
but
again
this
this-
that
metric
gets
a
little
difficult
because
of
the
nature
of
the
taxes,
especially
in
a
pandemic.
But
so
I'm
not
going
to
go
through
all
the
revenue
sources
other
than
you
can
see
for
those
total
majors.
A
The
seven
revenue
sources
that
the
economic
forum
individually
considers
and
does
forecast
for
at
their
public
meeting
we're
approximately
689.6
million
dollars
above
the
forecast
here
today,
given
anywhere
from
9
to
11
months
for
the
monthly
revenue
sources
and
the
first
three
quarters
for
the
quarterly
revenue
sources
then
going
down.
If
we
just
block
out
some
of
the
larger
what
we
call
non-major
revenue
sources
again,
that
the
form
is
directed
the
tax
producer
forecast,
which
is
then
brought
forward
to
the
economic
forum,
and
we
just
break
those
out.
A
So
we
can
keep
track
of
those.
And
again
you
can
see
those
are
approximately
69.4
million
dollars
above
the
forecast
again,
not
anywhere
from
nine
to
ten
months
or
three
quarters
of
the
revenue
source
depending
on
whether
it's
bluntly
or
quarterly.
And
then
we
have
the
all
other,
which
is
it's.
You
can
see
it's
a
it's
sort
of
a
de
minimis
part
compared
to
the
majors,
but
it's
approximately
39.2
million
dollars
above
the
forecast,
and
so.
A
Where
you
can
see
in
this
table-
and
this
is-
I
should
note
that
the
tables
one
and
two
are
doing
it
on
gross
terms.
That
is
before
letting
the
tax
credits
that
would
hit
an
individual
revenue
source
being
taken
into
account.
So
this
is
in
gross
terms,
which
is
how
the
economic
forum
and
the
forecasters
forecast
these
revenue
sources
that
you
can
see
down
here
in
the
bottom
right
hand,
so,
based
on
the
actual
collections
that
are
known
through
the
period
ending
may
2022.
A
A
A
So
I
know
that's
a
relatively
large
number
in
terms
of
especially
when
you
look
at
the
forecast
being
somewhere
around
4.05
million
dollars.
A
Probably
I
would
have
to
say
looking
ahead,
what
we
know
is
possibly
going
to
happen
with
some
of
the
revenue
sources.
This
will.
This
will
be
a
larger
number
by
the
time
we
complete
fy
2022
and
bring
those
results
forward
to
the
economic
forum
at
their
october
meeting.
A
I
don't
know
how
much
bigger,
but
just
looking
at
the
revenue
sources
and
what
we're
currently
seeing
in
the
monthly
or
quarterly
behavior
and
the
things
that
we
know
are
going
to
occur
that
this
approximately
around
800
million
dollar
number
will
probably
be
a
larger
number.
By
the
time
we
complete
fy,
2022
and
report
those
numbers
and
then
table
three
on
the
next.
It's
it's
a
table
that
just
shows
how
much
left
is.
A
Is
there
an
fy
21,
the
b
that
was
collected
actually
in
fy
21,
given
what
we
know
year
to
date
compared
to
the
total
fiscal
year?
And
then
the
orange
is
just
showing
you
what's
left
to
be
collected,
and
so
you
can
see
for
the
sales
tax
to
hit
the
forecast.
We
only
have
to
collect
about
117
million
dollars
and
so
not
much
in
terms
to
be
able
to
hit
the
forecast.
A
A
Well
recall
that's
when
we
started
setting
sort
of
the
records
for
gaming
and
sales
tax,
which
is
that
large
april
may
21
period
so
at
least
the
the
year-over-year
comparisons
are
going
to
get
a
little
bit
more
difficult
for
both
the
sales
tax
and
the
gaming
percentage
fee
tax,
as
well
as
some
of
the
other
revenue
sources,
because
we're
just
going
to
finally
start
to
annualize
on
a
little
bit
more
apples
to
apples
comparison.
It
still
may
be
granny
smith
compared
to
mcintosh's,
but
at
least
we
may
start
to
get
within
the
same
fruit
category.
A
A
So
just
here
on
table
four,
you
can
see
the
the
blue
at
the
bottom
for
some
of
the
tax
credits,
they're
they're
they're,
getting
reported
for
the
revenue
sources
that
they're
being
taken
against
and
again
in
this
fall,
we'll
be
going
more
to
the
tax
credit
programs
and
how
they
work
in
the
forecast,
and-
and
I
won't
do
that
here-
but
you
can
see
our
tax
credits
are
really
only
allowed
either.
A
The
tax
credit
can
be
taken
against
one
or
more
of
the
the
three
revenue
sources
gaining
percentage,
tax
insurance
premium
tax
or
the
modified
business
tax,
or
some
of
the
tax
credits
are,
can
only
specifically
be
taken
against
the
insurance
premium
tax
for
the
modified
and
so
again,
you'll
you'll,
see
in
in
table
five.
Here.
A
It's
all
right,
yeah
that
you
end
up
in
the
same
place
here
at
the
bottom
of
the
lower
right
hand,
corner
of
table
five,
it's
the
same:
798.1
million
dollar
actual
forecast,
difference
and,
and
that's
what
has
to
mathematically
occur
as
you
work
through
reporting
things
in
gross
terms
before
the
application
of
tax
credits
to
the
individual
revenue
sources
versus
reporting
the
revenue
net
terms.
After
the
application
of
tax
credits,
you
end
up
standing
at
the
bottom
line
of
your
ledger
in
the
same
place.
A
It's
just
how
you
report
the
individual
elements
to
which
tax
credits
can
affect
those
revenue
sources,
and
so,
madam
chair,
that
was
really
the
information
that
wanted
to
in
tables
one
through
six
and
then
excuse
me.
Sorry,
I'm
having
a
hard
time
getting
my
screen
table
six,
that's
at
the
back.
A
But
those
are
really
there
are
even
more
detailed
tables
than
the
ones
we
just
went
through,
but
they're
our
way
of
attempting
to
publicly
account
for
these
tax
credits
and
then
have
a
way
to
answer
questions
if
needed
by
anyone
in
terms
of
keeping
track
of
the
tax
credits
as
they
occur
in
relation
to
the
forecasted
step.
And
so
that
does
conclude
the
information
that
I
wanted
to
present
under
agenda
item
nine
and
can
answer
any
questions
that
the
members
may
have.
C
B
B
We've
got
a
entered
into
a
period
of
really
high
inflation,
which
obviously
has
effects
on
particularly
things
like
sales
tax,
and
such
you
know
that
now
the
question
is
just
not
so
much
as
to
what's
happened,
but
just
how
much
do
all
of
these
things
have
an
effect
on
the
on
future
forecasts,
which
is
what
our
you
know,
what
our
job's
going
to
be.
B
Economy
that
we're
david
is
talking
about
earlier.
You
know
where
we
see
some
changes
from
different
industries
et
cetera.
What
does
that
affect
anyway?
It
just
seems
to
me
that
our
job's
not
going
to
be
particularly
easy
this
next
time,
given
particularly
the
fact
that
we
see
some
now
some
economists
calling
for
obsession
in
the
next
next
little
while
so
you
take
all
those
in
combination.
C
Yeah,
I
would,
I
would
agree
completely.
It
is
a
bit
shocking
to
see
the
magnitude
of
the
differences.
Historically,
you
know
this
body
has
a
actually
pretty
exceptional,
relatively
low
forecast
error,
but
obviously
we
were
dealing
with
such
uncertainty
just
given
the
time
period
when
we
set
these
forecasts-
and
I
think
you're
right,
mr
lovett-
I
don't
think
our
job's
really
going
to
be
that
much
easier
to
come.
This
fall,
but
I
guess
the
good
news
is
at
least
the
forecast
errors.
You
know
to
the
upside
versus
to
the
downside.
B
A
A
Since
mr
levitt
asked
a
question
that
it's
referred
to
as
the
rainy
day
fund
or
statutorily
it's
the
stabilization
account
or
the
state
general
fund,
and
so
under
the
law,
that
of
the
economic
forum
forecasts
for
each
fiscal
year,
the
controller's
required
to
withhold
one
percent
of
that
forecast
and
place
that
amount
in
the
rainy
day
fund.
So
when
you
look
at
your
forecast
that
you're
doing
net
after
the
tax
credits,
then
the
controller
is
required
to
transfer
an
amount
equal
to
one
percent
of
that
to
the
rainy
day
fund.
A
So
then,
that
transfer
has
been
occurring
as
well
as
under
the
additional
statutory
provisions
relating
to
the
rainy
day
fund,
when
the
actual
ending
fund
balance
for
a
fiscal
year
is
done
and
known
40
of
any
amount
over
a
7
ending
fund
balance
is
required
to
be
transferred
to
the
rainy
day
fund.
A
So,
obviously,
because
of
forecasting
and
a
pandemic
is
difficult
and
as
chair
rosenthal
has
indicated,
fy
2021,
the
actual
came
in
about
forecast
it.
Clearly,
the
fy
22
actual
will
come
in
above
forecast.
A
So
then
we've
had
some
pretty
decent
transfers
under
that
40
percent
over
seven
percent
is
sort
of
how
we
refer
to
it.
So,
having
said
all
that,
as
of
today,
we
have
a
state
rainy
day
fund
balance
of
approximately
437.6
million
dollars.
C
A
No,
I
think
it
might
just
been
a
couple
hundred
million
300
200
million.
Sorry,
let
me.
A
C
A
Yeah
and
if
not
true
it
most
likely,
will
be
true
because
right,
40
percent
of
anything
over
seven
percent
for
the
fy
2022
ending
ban,
ending
fund
balance
will
be
required
to
be
transferred
to
rainy
day
fund.
So
for
math.
The
mathematical
ease
of
the
example.
A
Let's
say
we
finish
here,
the
general
fund
revenues
finish
800
million
dollars
above
the
forecast,
and
all
of
that
is
over
seven
percent,
and
that
would
be
an
additional
320
million
dollar
transfer
page
fund.
Just
to
give
you
some
idea
of
the
potential
order
of
magnitude.
A
Thus
that
would
take
you
over
700
million
dollars
in
the
rainy
day
fund
bound,
but,
as
mr
levitt
pointed
out,
in
possibly
having
a
large
amount
in
the
state's
rainy
day
fund
balance,
given
that
there's
still
some
uncertainty
in
the
economy,
with
the
somewhat
the
federal
reserve
trying
to
execute
a
soft
landing
again.
A
But
I
think
what
I
would
conclude
also
is
what
the
members
are
concluding
is
that
could
the
december
2022
may
23
forecast
cycle
for
the
economic
forum
be
as
interesting
and
or
difficult
as
the
december
2020
may
21?
A
Yes,
for
different
reasons
potentially,
but
it
ain't
easy
forecasting
going
into
coming
out
of
or
out
of
a
pandemic
and
then
what
occurs
and
also
madam
chair
I'll,
just
point
out
here
that
you
know
we
can
talk
more
about
the
agenda
items
that
what
we
had
at
the
december
meeting
didn't
have
here
is
a
discussion
about
the
stimulus
funds
and
what
was
going
on
with
those
in
terms
of
all
the
various
different
federal
stimulus
revenue
streams
that
the
state
got
and
what's
going
on
with
them
and
getting
them
out
in
the
economy.
A
A
But
I
will
work
with
you
as
the
chair,
because
it
was
probably
would
make
sense
to
have
an
update
on
that
in
the
october
and
over
november
meetings
that
help
the
forecasters,
as
well
as
the
members
of
the
forum,
try
and
see
what
information
we
can
shine
on
some
of
these
things
that
possibly
need
to
be
taken
into
consideration
as
the
forecasters
and
the
members
of
the
economic
forum
are
trying
to
think
about
forecasting.
A
For
the
remainder
of
fy
23
and
then
all
of
fy24
and
fy25,
but
I
would
agree,
the
information
set
may
be
no
easier
to
figure
out.
A
Thank
you,
madam
chair,
and
for
the
record
russell
gandon
with
the
fiscal
analysis
division
and
what
I'm
trying
to
do
is
bring
up
the
screen.
I
again
will
not
spend
a
lot
of
time
going
through
all
the
information
that
is
compiled
for
this
agenda
item.
A
So
what
I
just
wanted
to
share
here
for
the
members
of
this
body
as
well
as
the
public
that
what
I,
what
I'm
sharing
here
whoops
it
doesn't
look
like
the
shirt.
A
A
This
is
old
information
for
the
three
returning
members,
but
for
the
mr
chrome
and
mr
zionist
new
members
that
this
is
actually
just
so
you
know
a
lot
of
these
charts
and
tables
came
out
of
members
of
the
economic
forum
directing
staff
to
start
putting
together
some
charts
and
tables
it
actually
started
in,
as
the
forum
was
going
to
the
great
recession
for
those
of
us
that
had
to
go
through
that
with
me,
I
being
one
of
them
and
then
going
into
the
pandemic.
A
But
what
I
just
wanted
to
point
out
is
here:
you
can
see
under
the
nellis
page
in
the
legislative
council
bureau's
website,
all
the
charts
and
tables
that
are
compiled
for
the
gaming
market
statistics
that
the
nevada
gaming
control
board
puts
out
publicly
and
then
we're
just
charting
a
lot
of
them.
So
some
of
the
charts
are
on
the
monthly
basis,
but
the
gaming
stuff
is
really
pretty
month,
noisy
on
a
monthly
basis.
A
So
then
we
roll
some
of
the
stuff
quarterly
to
smooth
out
some
of
the
noise
from
month
to
month
and
maybe
look
at
some
of
the
trends,
but
also
then
we
have
a
lot
of
charts
on
the
taxable
sales
by
county
on
a
monthly
basis,
as
well
as
the
taxable
sales
for
the
state
clark
and
washoe
for
some
of
the
major.
What
called
the
next
categories.
The
north
american
industrial
classification
system
codes
that
the
department
of
taxation
reports
that
data
for
and
then
we
have
the
information
on
the
commerce
tax.
A
So
all
the
gaming
charts
and
taxable
sales
charts
have
been
updated
to
the
latest
month
of
information.
That's
been
reported
by
the
gaming
control
board
or
the
department
taxation.
The
commerce
tax
stuff
is
the
same
information
set
that
was
prepared
and
made
available
through
the
economic
forum
at
their
december
meeting,
because
it's
a
fiscal
year
tax
we
do,
and
so
we
will
update
these
tables
for
the
october
meeting
when
we
know
the
actual
for
fy
2022
and
update
that
information
set.
A
Because
I'll
be
honest,
I
don't
have
it
figured
out,
because
when
I
look
at
the
numbers
that
the
gaming
control
board
has
been
reporting,
and
especially
when
you
go
look
at
those
we're
telling
you
the
number
of
devices
in
terms
of
sloppy
scenes
and
gaming
table
devices.
Well,
clearly,
we
had
we
went
down
to
zero
at
the
heart
of
the
pandemic
and
then
they've
been
coming
back
online,
but
there's
they're
still
way
below
the
number
of
devices
and
that
were
there
pre-pandemic.
A
But
the
amount
of
wind
being
generated
from
them
is
right.
We
keep
hearing
that
we're
in
the
billion
dollar
range
total
gaming
win
categories
and
then
then,
to
see
the
comeback
on
the
slot
side.
A
It's
been
a
very
interesting
thing
for
a
person
who's
been
in
the
state
since
1994
and
sort
of
having
the
monitor,
forecast
gaming
and
seeing
the
transition
from
slop
to
game
side,
and
now
you
see
sort
of
the
swing
back
and
the
pandemic,
and
then
what
will
be
happening
as
we
continue
to
recover
on
the
pandemic
and
the
gaming
market
is
going
to
be
able
to
continue
to
bring
back
sort
of
the
inner
more
of
the
international
market
and
those
people
who
play
heavily
on
the
game.
A
A
I'm
just
going
to
be
honest
with
you
as
an
economist
and
say
that's
a
very
interesting
phenomenon
right.
It's
real
numbers.
Just
I
think,
if
I
would
have
forecast
that
to
this
body
back
in
may,
21
you
might
have
had
me
removed
from
the
room
and
locked
up
right
in
terms
of
what
we've
been
seeing
actually
going
on
and
and
and
the
same
thing
in
the
taxable
sales
side
go.
A
Look
at
those
charts
by
counting
some
of
the
counties
you
would
have
to
be
told
when
and
where
the
pandemic
really
occurred,
to
go
blow
up
the
chart
and
see
that
there
was
any
downturn
right.
A
They
just
in
terms
of
looking
at
some
of
the
taxable
sales
total
taxable
sales
by
county
on
a
monthly
basis,
and
now
part
of
that,
I
think,
is
we
passed
a
bill
in
the
2019
session,
called
the
marketplace
facilitator
bill
which
expanded
our
ability
to
have
the
sales
tax
attached
to
online
sales,
and
what
did
the
pandemic?
Do?
It
pushed
us
more
into
online
purchases?
A
A
We
will
be
updating
these
and
bringing
them
the
updated
set
forward
to
the
october
meeting
and
as
necessary,
they'll
be
available
if
there
are
questions
that
the
charts
or
tables
can
be
used
to
address
questions
by
the
members
of
the
economic
forum
and
or
the
use
can
be
made
of
them,
as
by
any
of
the
forecasters
in
trying
to
present
information
to
the
forum
for
consideration
as
to
what's
been
going
on
and
where
they
think
things
may
be
going
as
we
progress
through
the
october
november
december
meetings
and
with
that,
madam
chair,
those
were
the
comments
that
I
wanted
to
make,
and
I
just
wanted
to
show
here
on
the
screen
where
they
are
and
that
they're
available,
and
also
if
any
of
the
members
are
having
difficulty
being
able
to
get
them
or
off
of
the
website.
A
C
Thank
you
very
much
so
then
we
have
some
more
administrative
items
just
to
cover
in
the
remaining
agenda
items.
So
agenda
item
11
a
discussion
of
the
report
that
the
economic
forum
presents
to
the
interim
finance
committee.
What
what's
the
date
of
that
meeting.
A
Yes,
madam
chair,
just
under
this
agenda
item
under
the
provisions
that
were
put
in
place
statutory
for
these
inter
meetings,
that
is
the
june
even
numbered
years
in
in
the
december
years,
the
chair
of
the
economic
forum
and
or
they
can
direct
their
staff,
is
required
to
make
a
presentation
to
the
what's
called
the
interim
finance
committee,
which
is
the
body
that
administers
the
state's
budget
in
the
interim
between
sessions,
and
so
the
next
meeting
for
the
economic
forum
is
scheduled
for
tuesday
june
21st.
A
So,
madam
chair,
I
can
work
with
you
in
your
schedule
as
to
your
availability
on
tuesday
june
21st
after
the
meeting's
done
and
then,
if
you,
if
and
if
your
schedule
permits,
I
will
work
with
you
as
staff
in
terms
of
getting
ready
for
that
presentation.
Generally.
What
the
report
is.
Is
we
report
that
the
form
had
the
meeting,
what
the
presentations
are
are
sort
of
an
overview?
What
that,
in
a
very
high
level,
what
was
done?
A
But
then
we
will
provide
these
the
server
tables
of
showing
the
actual
collections
compared
to
forecast.
So
the
ifc
members
that
also
have
an
idea
of
how
the
actuals
are
comparing
to
the
forecast,
but
a
lot
of
the
other
informational
items
that
is
not
in
any
detailed
way
presented.
But
again,
that
is
this
agenda
item,
and
so
it's
just
a
statutory
requirement,
and
so
madam
chair
for
schedule
permits
we
can
work
after
the
meeting
to
work
on
your
portion
of
the
presentation
and
then
lots
of
times.
A
C
That
works
just
fine,
so
then
agenda
item
12
is
next
instructions
to
the
tac.
Concerning
the
general
fund
revenue
forecasts.
A
Yes,
madam
chair
again
for
the
record
russell
fiscal
analysis:
division
as
this
one
we've
sort
of
bounced
around
it
a
little
bit
as
we've
discussed
the
different
agenda
items
and
then
obviously,
as
chair
rosenthal
mentioned
previously,
that
again
the
the
forecast
process
is,
you
saw
the
table
with
the
economic
forums
forecast
table
both
all
those
revenue
sources
and
if
you
take
a
moment
to
look
at
them,
a
lot
of
them
are
somewhat
de
minimis,
especially
compared
to
the
what
we
call
the
major
ones,
seven
big
ones.
So.
A
There's
the
technical
advisory
committee,
which
is
supports
the
economic
forum
so
for
what
is
historically
been
done,
is
the
the
economic
forum
decides
which
revenue
sources
it
wants
to?
Have
forecasts
prepared
and
presented
to
it
at
their
meetings
versus
then
all
the
other
general
fund
revenue
sources
that
are
not
on
the
list
that
they
decided
that
they
want
to
have
specific
consideration
given
to
them
in
terms
of
forecast,
presented
and
then
they'll.
Look
through
those
and
decide
a
consensus
forecast.
A
A
Well,
the
forecasters
for
pretty
much
all
these
revenue
sources
are
the
agency
that's
responsible
for
collecting
and
administering
the
tax.
So
that's
one
of
the
forecasts,
the
the
other
forecasters
for
all
the
revenue
sources
is
the
economist
from
the
budget
division
of
the
governor's
finance
office
and
then
staff
from
the
physical
analysis,
myself
being
one
of
them,
as
well
as
my
colleagues
in
the
fiscal
division.
A
So
that's
for
all
the
general
fund
revenue
revenues,
whether
they
be
majors,
that
the
form
wants
to
specifically
consider
or
all
the
other
revenues
that
are
as
non-majors
that
the
technical
advisor
to
so
I
just
want
to
let
especially
the
two
new
members,
that's
sort
of
the
process
that
the
forecasters
are
the
same
and
also
the
staff
is
the
same,
as
I
said,
to
the
tax
and
the
form
it's
staffed
from
the
fiscal
division
as
well
as
the
budget
up.
So
then
for
the
sales
tax
and
gaming
percentage
detection.
A
This
is
a
little
bit
of
setting
up.
The
next
agenda
item
is
we
have
moody's
analytics
up
under
contract,
prepares
forecasts
for
the
sales
and
gaming
revenue
sources?
It's
the
state's
two
largest
general
fund
revenue
sources
and
their
forecasts
are
also
presented
to
the
economic
forum
for
consideration,
along
with
the
forecast
prepared
by
the
agency,
the
budget
division
and
the
fiscal
division
as
well
as
moody's
actually
presents
their
economic
outlooks
too.
It's
just
a
little
bit
of
setup
for
the
next
agenda
item.
A
The
economic
forum
here
through
emotion,
second,
can
say
which,
which
are
the
major
revenue
sources,
that
they
want
to
consider
going
forward
into
the
october
november
december
forecast
cycle,
and
then
obviously
the
rest
will
be
done
by
the
attack,
and
it's
worth
pointing
out
here
that
making
a
decision
today
does
not
obligate
the
form
such
that
you
can't
make
changes
at
the
october
and
even
for
the
november
meeting,
it
becomes
much
harder
to
start
switching
things
around
as
we
head
into
that
december
meeting.
A
But
I
just
also
want
to
make
sure
everyone
has
that
information
set
that,
but
this
just
starts
to
help
staff
know
where
the
dynamics
are
for
how
to
proceed
heading
in
october
and
which
ones
will
be
majors,
which
ones
be
non-majors,
because
well
we're
working
with
the
chair
here
over
the
next
few
months
to
start
planning
for
the
october
november
meetings
we'll
also
be
working
with
members
of
the
technical
advisory
committee
to
be
able
to
have
to
have
those
meetings
enough
in
advance
of
the
floor
meeting
so
that
their
business
can
be
conducted
and
those
forecasts
brought
forward,
and
so
hopefully
that
provided
enough
information
to
the
returning
as
well
as
the
new
members.
A
As
what
this
agenda
item
is
and
again
it's
up
to
the
forum
to
do,
I
I
will
point
out
that
you
can
see
the
major
ones.
Clearly
are
the
sales
tax
game
for
saints,
jack
insurance
premium
tax
modified
business
tax,
the
the
commerce
tax
is
growing
in
its
magnitude.
A
The
live,
entertainment
tax
and
the
real
property
transfer
tax
are
a
little
less
in
order
of
magnitude,
especially
the
led,
but
I
think
the
led
is
the
interesting
one,
because
we
really
didn't
know
how
that
market
was
going
to
shake
out
in
november
in
may
of
2020
and
2021,
and
clearly
it's
doing
much
better
than
what
we
would
have
thought.
So,
even
though
it's
a
smaller
one,
it
will
be
the
forum's
decision
of
whether
to
leave
it
as
a
major
or
non-major.
But
it
is
one
that
I
wouldn't
go.
A
Look
at
the
21
action
go
wow,
that's
really
a
small
revenue
source.
If
you
go
look
it
it's
just
being:
100
million
dollars
range
before
the
pandemic
and
then
clearly
the
real
property
transfer
tax,
I
think,
is
being
a
major.
Is
it's
much
more
dynamically
tied
into
sort
of
what's
going
on
in
the
economy,
not
that
some
of
the
other
non-majors?
A
But
when
you
look
at
the
other
non-majors
that
are
down
there
in
that
second
block
again,
the
forum
can
pull
any
of
those
up
that
they'd
like
to,
but
also
the
just
so
the
forms
clear
they
can
leave
the
tax
to
do
it,
but
just
also
direct
staff
to
make
sure
when
they're
bringing
forward
to
the
fall
meetings
to
specifically
provide
information
on
any
one
of
those
ones
that
they
they
don't
want
to
individually
consider
themselves
at
their
meetings.
That
is
the
economic
forum.
A
They
still
with
the
tax
to
do
it,
but
they
want
to
make
sure
that
the
staff
is
going
to
present
information
on
those
revenue
items
that
the
tac
forecast
at
the
form,
meaning
so
that's
just
sort
of
in
between
the
two
endpoints.
It's
a
major
or
non-major,
or
it's
a
non-major.
But
the
form
wants
to
make
sure
that
it's
specifically
addressed
under
the
agenda
items
for
the
non-majors
at
the
foreign
meetings,
and
with
that,
madam
chair,
I
will
leave
that
if
there's
any
questions
that
the
members
may
have.
C
B
A
There,
just
let
me
get
my
little
tally
thing
that
I'm
keeping
here
on
my
computer,
so
that
I've
got
a
record
myself.
I
don't
have
to
try
and
remember
afterwards,
so
again,
just
a
record
under
agenda
item
12.
Here
we
have
a
motion
in
a
second
that
the
major
general
fund
revenue
sources
that
the
the
forum
will
consider
are
the
sales
and
use
tax
percentage
fee
tax
insurance
premium
tax,
the
total
modified
business
tax,
all
three
pieces
of
that.
A
The
live
entertainment
text,
that
is
the
gaming
and
non-gaming
portions
of
that
tax,
real
property
transfer
tax
and
the
commerce
tax,
and
thus
really
the
effect
of
this
motion-
means
that
then
you're
directing
the
technical
advisory
committee
to
prepare
forecasts
for
all
their
mma
other
remaining
general
fund
revenue
sources.
It
was
just
easier
to
say
what
the
majors
are
and
then
say
everything
else:
you're
directing
the
technical
advisory
committee
to
prepare
forecasts
for
so
that
is
the
motion,
and
so
I
will
start
with
we'll
call
vote.
Mr
chrome,
thank
you,
mr
levitt.
A
Thank
you,
nice
chair
lewis,.
A
Nope
we
okay,
so
chair,
rosenthal,
okay
and
please
let
the
record
show
for
that.
The
vote
on
that
agenda
item
that
vice
chair
lewis
was
not
in
attendance
in
the
meeting
and
absent
excused.
C
Thank
you,
mr
gindin.
That
leads
us
to
agenda
item
13,
which
is,
as
as
russell
alluded
to
the
discussion
about
whether
or
not
to
employ
the
services
of
moody's
analytics
to
provide
forecasts
to
us
in
our
upcoming
fall
meetings.
C
I
personally
feel
like
this
is
always
an
added
benefit
and
I
think,
particularly
in
light
of
the
uncertainty
about
the
future
inflation
recession.
All
of
those
things
coming
having
the
additional
insight
and
commentary
from
an
outside
third
party,
both
on
nevada
economics,
as
well
as
the
us
economics,
would
be
very
helpful.
C
So
I
would
be
in
favor
of
of
asking
moody's
to
come
present,
but
I
would
like
to
hear
discussion
from
other
members
of
the
forum.
B
C
B
I
agree
with
the
chairman
I
I
would
say
I
agree
as
well.
You
know
we
use
atlanta,
these
movies
offensively,
they
rate
all
of
our
debt.
They
have.
You
know
an
immense
number
of
analysts
that
cover
you
know
practically
every
sector
of
the
economy.
Every
you
know
major
issuer
within
each
sector
of
the
economy.
They
get
a
lot
of
information
through
conversations
with
those
companies.
They
have
a
lot
of
economists
and
analysts.
B
That
can,
I
think,
provide
very
good
insight
for
us
and
as
a
committee
and
forum
and
for
the
state
and
assessing
you
know
the
economics
and
the
forecast
that
we're
all
evaluating
here.
So
I
concur
and
agree
that
we
would
benefit
from
that
information.
C
So
I
just
want
to
point
out
mr
zhan
for
your
information,
so
it
actually
is
a
different
division
of
moody's.
It's
not
the
the
rating
agency
division,
moody's
yeah,
but.
C
C
Yes,
yes
and
yes,
and
they
I
have
found
them
very,
very
beneficial
in
the
past,
the
information
they
that
they
present
so
with
that,
then
should
should
we
entertain
a
motion
to
do.
We
need
a
motion
russell
to
approve
the.
A
Yes,
madam
chair,
and
just
so
that
I
can
assist
the
chair
and
the
members
of
the
forum
that
just
clarification.
A
What
what
this
motion
is
about
is,
as
was
stated
here,
is
having
moody's
come
make
presentations
on
the
what's
been
going
on,
as
well
as
their
outlook
for
national
regional
state
economies
at
the
fall
meeting
in
and
then
at
the
may
meeting,
and
I
guess
I
forgot
to
point
out
that
so
I
should
hear
that
when
for
the
forum
going
through
to
g
to
do
the
december
forecast,
they
have
an
october
and
november
meeting
proceeding
the
actual
december
meeting
where
the
approve
the
forecast
required
by
law
during
the
session.
A
They
only
have
one
meeting
on
or
before
the
may
deadline
and
we'll
talk
about
that
more
on
the
next
agenda
item.
A
But
so
this
agenda
item
would
be,
for
moody's
is
that
we
would.
The
state
will
then
work
with
them
to
extend
the
contract
that
we've
had
to
come
in
and
make
presentations
or
the
the
fall
meeting
and
then
for
the
meeting
during
session,
as
well
as
continue
to
prepare
and
present
forecast
on
the
sales
and
gaming
percentage
tax.
A
So,
madam
chair,
that
would
be
the
motion
that
I
believe
the
the
members
of
the
forum
are
entertaining
here,
and
so
yes,
we
would
need
a
first
and
a
second
and
then
I'll
call
the
roll
call
for
this.
B
A
Well,
sorry,
I
I
miss
I
I
just
bought
this-
that
we
it's
been
an
ongoing
thing
and
the
forms
always
sort
of
approve
this,
so
we
had
a
contract
with
moody's
for
the
last
forecast
cycle.
A
A
So
that's
the
contract
covers
that
period
that
we
had
in
place
and
then
we
would
be
in
a
sense,
renewing
or
extending
the
contract,
which
is
really
what
we're
doing
and
versus
canceling
a
contract
and
then
having
to
negotiate
a
new
contract,
we're
sort
of
extending
the
contract.
So
it
would
be
through
the
next
forecast
cycle,
which
would
be
the
december
2022
through
may
21
forecast
meetings
may
23.
A
That
works
for
me
and
just
before
I
can
get
the
clarification,
I
think
just
we
might
have
had
a
missionary,
I'm
not
sure,
but
we
have
mr
crow
making
the
first
and
mr
zion
making
the
second
for
the
motion
to
continue
the
moody's
contract
services
for
making
the
presentations
to
the
economic
forum,
as
well
as
preparing
and
presenting
forecasts
on
the
sales
tax
and
gaining
percentage
fee
tax,
and
with
that,
as
the
motion,
I'm
sure
I'll
call
the
roll.
We
have.
A
Okay
and
left
a
record
show-
and
I
will
just
put
on
the
record
here,
madam
chair,
that
I
did
get
a
text
which
I
didn't
see
until
just
shortly
ago,
that
vice
chair
lewis
did.
Let
me
know
that
she
had
to
step
out
for
a
little
bit
and
but
since
we
still
had
a
quorum,
we're
okay
to
continue
to
proceed.
So
I
will
let
the
record
show
that
vice
chair
lewis
is
absent,
excused
for
this
vote
and
then
chair
rosenthal
all
right.
A
Thank
you.
I'm
sure.
Let
the
record
show
that
the
the
motion
for
item
for
agenda
item
13
to
continue
the
moody's
services
but
approved
with
the
four
members
voting
affirmatively
and
with
vice
chair
lewis,
being
absent.
C
C
So
the
last
agenda
item
before
we
go
to
public
comment
is
scheduling
of
the
future
economic
forum
meetings.
So
the
fall,
the
fall
meetings,
I
presume
maybe
not
may
but
I'll
turn
this
back
over
to
you,
mr
guindon.
A
Thank
you
and
for
the
returning
members
about
he
possibly
will
remember
this.
So,
as
was
has
been
stated
several
times,
we
have
a
meeting
in
october,
it's
generally
somewhere
around
mid-october,
and
what
we're
waiting
for
is
the
actual
numbers
for
fy
2022
to
be
analyzed
and
even
though
our
fiscal
year
ends
june
30th.
When
you
look
at
a
calendar,
we
don't
officially
close
the
fiscal
year
from
an
accounting
point
of
view
till
the
third
friday
in
september.
A
So
then
we're
waiting
to
get
all
the
final
numbers
and
then
get
it.
Tabulated
get
all
these
charts
and
tables
and
that
kind
of
stuff
updated.
So
then
we
generally
would
have
a
forum
meeting
somewhere
in
that
mid-october
period
and
that
that
meeting
is
more
informational.
There
are
not
forecasts
being
presented,
so
we
would
most
likely
we
have
traditionally
always
had.
A
Mr
schmidt,
we
have
the
state
demographer
again,
we
could
have
people
come
in
and
present
on
the
federal
stimulus
and,
what's
going
on
with
that
as
well
as
we
can
work
with
the
chair
and
other
members
on
anything
that
they
think
might
be
a
relevant
presentation
us.
And
so
then
we
move
in
and
have
a
meeting
in
november,
generally
the
week
of
the
general
election,
but
after
that
tuesday.
A
So
so
I
would
ask
you
that
as
members
to
try
and
keep
that
mid-november
or
mid-october
period,
somewhat
free
and
after
this
meeting
cons,
it's
hard
to
look
that
far
in
the
future,
but
can
start
thinking
about
it
and
working
with
chair
rosenthal
in
terms
of
potential
dates.
If
we'd
like
to
block
out
and
then
we
can
have
staff
from
the
forum
reach
out
to
the
members
and
pull
them.
A
But
I
would
ask
you
to
probably
try
and
keep
I
believe
the
election
is
november,
8th,
so
potentially
try
and
keep
that
9th,
10th
and
11th,
which
should
be
that
wednesday,
thursday
friday
open.
I
think
that
might
be
some
of
the
viable
days
and
again
we
generally
start
the
meetings
like
this
early
in
the
morning
and
then
we
after
the
november
meeting
we
proceed
in
to
have
the
meeting
and
again
the
law
says.
A
A
Have
up
to
two
business
days
when
the
third
falls
on
a
friday
a
saturday,
sunday
or
a
holiday,
so
that
would
mean
the
form
can
actually
meet
on
that
monday
december
5th
or
tuesday
december
6
and
as
staff
to
form
I'm
going
to
sort
of
ask
the
chair
to
give
serious
consideration
to
the
meeting
being
on
the
fifth
or
sixth
and
the
rest
of
your
members
trying
to
be
able
to
see
if
you
get
your
schedules
to
meet
one
of
those
two
days.
A
The
reason
why
is
it's
december
2nd
is
a
very,
very
tight
deadline
for
forecasters
and
staff
preparing
information.
Why?
Because
at
the
end
of
november,
we
have
thanksgiving
in
there
and
the
gaming
control
board
and
department
taxation
we're
all
waiting
for
that
one
more
actual
numbers
right,
so
we
can
make
our
forecast
better.
A
So
we
don't
frequently
get
those
numbers
still
right
before
or
sometimes
right
after
thanksgiving,
so
you
go
look
at
your
candle
and
where
that
thanksgiving
holiday
is
in
december.
Second,
is
that
friday,
which
would
be
before
the
december
3rd
and
that's
it's
just
logistically-
very
tight
and
difficult
for
staff
in
the
forecasters.
A
Thus,
if
that's
where
we
end
up
we'll
see
how
we
can
figure
it
out,
but
I
think
here
today
for
this
agenda
item,
is
to
really
be
looking
at
your
schedules
for
that
december
5th
or
6th
and
seeing
if
you
can
keep
them
open
and
available
and
then
that
november
sort
of
9th
10th
and
11th
wednesday,
thursday
friday
after
the
general
election
and
then
that
mid-december,
madam
chair,
those
are
the,
I
think,
the
timelines
that
we're
looking
at
for
the
meetings
where
the
october
being
more
informational,
with
no
forecast
presented
at
the
november
meeting.
A
There
will
be
preliminary
forecasts
presented
the
generally
at
that
meeting.
The
economic
forum
they're
not
required
to.
Nor
do
they
actually
approve
any
preliminary
forecasts.
That's
just
so.
A
They
can
start
to
get
a
view
of
where
the
forecasters
think
their
thinking
is
so
that
then
they
have
an
information
set
to
take
into
consideration
before
they
come
in,
or
hopefully
that
december
5th
or
6th
meeting
where
they
must
actually
approve
a
consensus
forecast
and
again
that's
the
forecast
that
will
be
used
by
the
governor
to
prepare
the
executive
budget
that
will
be
presented
to
the
latest,
and
so
with
that.
That
was
the
information
that
I
wanted
to
provide.
There
is
not
any
action,
that's
required
by
the
body
for
this
agenda
item.
A
Madam
chair,
it's
I
just.
I
can't
talk
about
it
unless
it's
on
the
agenda,
and
so
I've
done
my
talking
and
this.
If
there's
questions
I
can
attempt
to
answer
them
and
then
we
can
just
a
staff,
will
work
with
chair
rosenthal
to
start
trying
to
think
about
polling
for
an
october
november
in
december
timelines,
but
I've
given
you
the
ones
that
I
believe
are
the
viable.
B
A
Yes,
ma'am
chair
again,
we
will
work
with
the
chair,
but
the
the
hope
would
it
would
be
by
this
fall.
We
can
schedule
the
physical
meetings
and
so
that
what
that
would
generally
be
is
we
would
probably
schedule
a
location
at
the
grant
sawyer
office
building
in
the
legislative
portion
of
that
building,
which
is
on
the
fourth
floor,
as
well
as
in
a
room
in
the
legislative
building
here
in
carson
city
and
and
but
I
think,
as
a
brief
conversation
with
chad
rosenthal.
A
We
don't
know
where
we'll
be
so,
but
we
would
possibly
still
maintain
the
ability
for
members
to
participate
and
or
the
public
or
presenters
virtually
because
it
would
be
better
to
have
a
structure
where,
if
something
happens
to
your
schedule
that
you
can't
physically
make
it
to
the
north
or
south
location,
you
could
still
participate
and
attend
virtually.
A
But
yes,
it
would
be,
I
think,
working
with
the
chair
and
is
to
start
working
towards
having
physical
locations.
Now
I
will
point
out
that
we
we,
as
I
said
we
can
have
locations
at
the
granstar
office,
building
in
las
vegas
in
the
legislative
building
here
in
carson
city.
I
realized
we
have
four
southern
members
and
one
northern
member
in
terms
of
the
appointments
to
the
body
generally.
A
What
we've
had
is
because
it's
easier
to
potentially
bring
if
all
of
you
want
to
be
in
the
same
physical
location,
which
is
a
good
thing
to
bring
the
four
southern
members
up
to
carson
city
versus
trying
to
bring
all
the
executive
branch
staff
and
the
forecasters
and
that
down
the
grand
sawyer.
But
again
we
could
still
do
it
virtually
so.
A
A
And
so
hopefully,
that
gave
you
the
information
to
address
your
question.
B
C
So
in
that
vein,
this
was
linda
rosenfall
for
the
record
I
was
just
gonna
add
I
think
it
for
me
personally,
it's
it's
much
more
impactful
and
much
more
efficient.
If
we're
together
for
the
for
the
forecast
meeting
at
a
minimum,
I
would
love
to
have
us
together
for
november
and
december
october.
I
think,
is
a
bit
more
flexible
as
we're
just
getting
updates
on
on
what's
going
on
in
the
economy,
but
once
we
get
to
the
the
nitty-gritty
forecasting,
it
really
is
beneficial
to
have
us
together
as
much
as
that's
possible.
C
I
agree
it's
great
to
keep
it
flexible
because
we
all
have
very,
very
busy
schedules,
but
to
the
extent
we
can
try
to
set
a
date
early
enough
that
we
can
all
be
physically
together.
I
think,
especially
with
new
new
members
and
everything
else,
and
it's
been
two
years
since
we've
been
together.
I
think
that
would
be
a
good
thing.
B
A
A
I
realize
that
that
is
the
great
benefit,
I
believe,
with
the
economic
forum
process,
that
we
have
these
five
private
sector,
individuals
that
are
willing
to
dedicate
their
time
to
the
the
forum,
but
then
having
to
realize
that
yes,
your
private
sector,
people
that
have
your
own
personal
and
professional
lives
to
attend
to.
A
So
we
will
try
and
work
through
that,
and
I
will
point
out
just
for
everyone
that,
as
we
start
to
get
some
of
this
stuff
scheduled
out,
we
we
will
have
a
staff
that
will
be
reaching
out
and
can
work
with
you
to
schedule
your
flights
and
that
kind
of
stuff.
A
If
you
are
going
to
be
safe,
flying
up
here
from
las
vegas
to
carson
city
and
as
well
or
flying
the
other
way,
and
so
I
just
wanted
to
put
that
out
there-
that,
as
we
start
to
get
some
of
this
stuff
worked
out,
that
we
will
also
be
working
with
you
in
terms
of
logistics,
of
getting
your
travel
arrangements,
lined
up
to
attend
the
meeting
where
you're
going
to
attend
the
meeting
and
then
we'll
also
work
as
necessary
to
get
staff
where
they
need
to
be
to
make
sure
the
meeting
functionally
works
for
the
chair
as
well
as
the
rest
of
them.
C
Chair,
thank
you,
mr
gindin.
So
let's
move
on
to
agenda
item
15,
which
is
public
comment.
If
we
could
have
the
assistance
from
the
broadcasting
production
services
to
open
the
line
for
any
member
of
the
public,
that
would
like
to
make
a
comment.
C
Thank
you
very
much
before
we
adjourn,
I
would
just
like
to
take
a
moment.
We
have
a
bit
of
a
celebration
to
to
recognize
celebration
for
some
sadness
for
some
of
the
rest
of
us,
but
we
have
a
couple
retirements
coming
up
in
the
next
few
months,
so
the
the
most
imminent
one
is
is
joe
real
who's,
a
member
of
our
of
our
staff
and
with
the
legislative
council
bureau
who,
I
believe
will
be
retiring
in
july.
C
C
Nice
very
nice,
all
the
best
to
you.
Thank
you,
I'm
a
little,
I'm
a
little
envious
or
a
lot
and
then.
Secondly,
mr
ginden
also
has
a
retirement
planned
later
this
year,
probably
sometime
in
december,
so
he
at
least
will
be
with
us
as
we
go
through
the
crunch
of
the
fall
forecast,
but
will
not
be
with
us
in
may.
So
again,
I
want
to
wish
you
all
the
best
russell.
C
It's
been
super
wonderful
working
with
you
couldn't
have
done
any
of
it
without
you
and
then
along
those
veins.
You
know,
you
know
want
to
wish
you
all
the
best
and
then
maybe,
if
you
could
walk
us
through,
I
know
there's
already
been
some
appointments
made
to
to
fill
the
shoes
of
both
you
and
joe.
If
you
could
kind
of
tell
us
what's
happening
with
the
staffing
going
forward.
A
Just
thank
you,
madam
china,
and
and
thank
you
for
the
comments,
and
I
would
agree
with
my
colleague,
mr
real,
that,
as
economist,
the
economic
forum
is
sort
of
one
of
the
really
interesting
parts
of
our
job
is
staff
to
the
legislature,
because
we
are
non-partisan
staff
to
the
63
members
of
the
nevada
legislature
as
members
of
staff
to
the
fiscal
analysis
division,
so
we're
an
economist
there.
But
this
allows
us
the
economist
and
the
economic
forum.
A
Is
you
know
it's
a
very
important
element
of
the
state's
budget
process.
In
fact,
as
the
three
returning
members
know
that
there's
entities
out
there
that
review
the
economic
forum,
forecast
or
forecasting
processes
of
states
and
the
state's
state
of
nevada's
economic
forecast
gets
very
high
reviews.
Why?
Because
it's
it's
done
publicly.
It's
done
with
non-governmental
people
sitting
on
the
body
approving
the
forecast
that
must
be
then
used
by
the
governor
and
then
are
used
by
the
legislature.
A
Developing
the
budget,
as
well
as
you
have
outside
entities
like
moody's,
also
participating
as
along
with
the
government
forecasters
the
private
sector
partners.
So
those
are
some
of
the
elements
that
entities
that
review
states,
forecast
processes,
give
nevada
high
ranking,
and
I
will
add
that
it
was
actually
the
1993
bill
that
brought
me
to
the
state
of
nevada
in
1994
working
for
the
budget
office.
A
For
two
years
before
I
went
to
the
gaming
control
board
for
three
years
before
I
ended
up
here,
but
I
have
been
with
the
economic
forum
since
the
very
first
forecast
cycle,
which
was
the
1994-1995
forecast
cycle.
So
it's
been
an
extreme
pleasure
and
privilege
to
be
with
the
forum
that
long
and
see
it,
I
wouldn't
mind
having
a
redo
on
the
great
recession
and
pandemic
as
a
sure,
but
that
probably
ain't
gonna
happen.
A
So
with
that,
I
want
to
thank
the
members
of
the
forum,
we'll
see
you
through
the
fall
cycle
and
then
yeah.
I
will
probably
be
retiring
before
the
end
of
the
calendar.
A
So
then
the
the
transition
is
the
three
returning
members
know
and
we
have
michael
nakamoto
who's
joe
reels
and
myself
colleague.
Here
in
the
fiscal
analysis,
division
will
be
taking
over
my
role
as
the
chief
principal
deputy
fiscal
analyst.
In
the
fiscal
analysis,
division,
but
you've
all
you've
seen
him.
He
has
already
been
part
of
preparing
forecast
and
you
will
see
him.
This
fall,
making
his
presentations
and
then
to
is
the
transition
for
the
the
team.
A
Is
we've
hired
susannah
powers
which
the
three
of
you
are
returning
now
she
has
been
the
economist
in
the
budget
division
and
so
she's
been
preparing
and
presenting
her
forecast
to
the
technical
advisory
committee
and
the
economic
forum,
and
so
we
were
lucky
enough
to
have
her
come
over
here
and
join
the
fiscal
division.
A
So
good
news,
it's
bad
news
for
the
budget
division,
good
news
for
fiscal,
that
it
should
be
somewhat
more
seamless
for
the
forecasting
process
for
the
fiscal
division,
have
susana
come
aboard
and
we're
also
lucky
enough.
Then,
to
the
other
replacement
is
christian
there.
Who
is?
A
He
has
been
with
the
fiscal
analysis
division
for
a
few
years
and
he's
been
on
the
what's
called
the
program
or
budget
side
of
the
fiscal
analysis
division
and
he
has
decided
that
he
wants
to
join
and
I'll
have
to
say
we're
referred
to
as
the
tax
team
in
the
legislative
process
as
well
as
elsewhere,
because
we
staffed
the
revenue,
our
taxation
committees
during
session
in
the
interim,
and
obviously
we
forecast
taxes,
slash
revenues,
so
it
just
it
became
somehow.
A
So
that's
what
I'm
saying
is
suzanne
and
christian
are
now
members
of
the
tax
team,
as
joe
will
transition
out
here
in
a
few
weeks
and
then
I'll
transition
out
later
and
michael
will
come
in
and
become
the
text
team
leader
with
the
members
of
his
team
continuing
to
be
suzanne
and
christian,
and
so,
madam
chair,
I
appreciate
you
allowing
staff
the
opportunity
to
provide
that
information
to
the
member
members
of
this
body
and
clearly
you'll
see
a
new
face
from
the
budget
division.
A
And
it's
also,
our
information
set
that
haley
owens
from
the
department
of
taxation
is
the
economist.
There
has
moved
on
to
another
job,
so
we
will
be
seeing
a
new
economist
from
the
department
of
taxation
and
in
terms
of
the
the
forecaster
that
will
present
taxation's
forecast.
A
So
it
truly
will
be
we'll
add
that
to
the
interesting
level
of
the
fall
forecast
cycle
for
this
economic
forum-
and
I
would
also
like
adam
chair
to
personally
welcome
all
of
you
back
as
staff-
I
I
think
to
have
the
three
of
you
returned,
but
also
then
seeing
the
the
credentials
in
the
background
of
mr
zhan,
mr
krum,
I
think
it
will
be
good
to
have
them
as
members
of
the
forum
as
we
progress
through
this
interesting
forecast
cycle
and
with
that
again.
Thank
you
for
the
time.
C
Absolutely
so
congratulations
on
the
retirements
and
congratulations
on
the
new
responsibilities
for
those
that
are
changing
jobs
and
roles.
So
before
we
adjourn
I'll
just
give
everybody
one
last
chance.
If
anybody
has
any
any
comment
they
want
to
make
otherwise
we'll
we'll
wrap
this
up.
B
No
comments
for
me
no
comments
from
vincent.
Oh,
no
comments
from
michael
chrome,
but
I
I
do
echo
chair
rosenthal's,
you
know
sentiments
regarding
cow
found,
an
inbound
individuals
on
the
team
of
forums.
So
best
of
luck
to
all,
and
thank
you
thank.
C
You,
okay
with
that,
we
will
adjourn
the
meeting
the
june
10th
june,
9th
2022
meeting
of
the
economic
forum,
look
forward
to
seeing
you
all
in
the
fall.