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Home > News > Government > State looking for new sources of funding for construction projects as tax revenues falter

State looking for new sources of funding for construction projects as tax revenues falter

By ThisIsReno

BY SEAN WHALEY, THE NEVADA NEWS BUREAU

A state panel was told today that for yet another two-year state budget, there will be virtually no money available from property tax revenues for capital construction projects.

The state Public Works Board heard the disappointing news today as it began a two-day review of projects being sought by state agencies from the Department of Corrections to Tourism and Cultural Affairs.

Public Works Board Manager Gus Nuñez said state agencies have submitted 201 projects worth $528 million for consideration for the upcoming budget. The state funding portion totals $460 million.

The capital construction program for the current budget totals only $53 million, with $27 million in bonding from property taxes.

Jeff Mohlenkamp, state budget director and member of the board, said the state’s small share of property taxes has traditionally been used to finance bonds to pay for construction projects. But there is virtually no revenue in the current budget to fund projects, and the same is expected as the budget is prepared for the 2013-15 biennium.

“Once again we feel that there is going to be very little if any capacity for bonding within property taxes,” he said. “Right now I’m currently in discussions with the Treasurer’s Office and believe that that is not going to be a source of additional bonding capacity for us to look at.”

Read and copy the full story at the Nevada News Bureau.

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