CARSON CITY - State Controller Kim Wallin has released the financial reports for the 2013 fiscal year which ended June 30. The Comprehensive Annual Financial Report (CAFR) and the Popular Annual Financial Report (PAFR) describe in detail the financial position of the State of Nevada as well as the changes from prior years. The CAFR is prepared by the Controller's office in accordance with state laws and Generally Accepted Accounting Principles for governments.
The financial reports are also examined by independent outside auditors. The PAFR is a condensed version of the CAFR which presents the State's finances in a simple, easy to read format. This report is prepared annually by the Controller's Office because "It is important to provide easily understandable financial information to the State's citizens," says Wallin.
According to Wallin, "The State's economy and financial position have continued a slow and steady recovery over the last year." This can be seen in the changes to the General Fund. The General Fund is the chief operating fund of the State.
Total General Fund revenues increased by 4 percent in fiscal year 2013 for a total of $6.5 billion compared to $6.2 billion in fiscal year 2012. The largest increases in revenue were $145 million in intergovernmental revenue, $59.6 million in sales taxes, and $12.6 million in gaming taxes.
"The increase in sales and gaming taxes is promising, and we expect modest growth in these areas during fiscal year 2014", says Wallin. In spite of the slight increase this year, sales and gaming taxes continue to be below pre-recession levels by 12.4 percent and 10.6 percent respectively. In addition, the Economic Forum is estimating that total tax revenue in 2014 will decrease by 7.7 percent.
During fiscal year 2013 the State of Nevada's General Fund expenditures increased by 2.7 percent for a total of $6.4 billion compared to a fiscal year 2012 total of $6.2 billion. Increases in the Medicaid program made up the majority of the total increases in expenditures.
The State has been working hard to reduce its outstanding debt. The State's long term liabilities outstanding at year end totaled $4.3 billion down from $4.6 billion at the end of the prior year.
The decrease of $361.5 million is mainly due to the refunding of general obligation bonds. The State's credit ratings at year end as stated by Fitch, Moody's Investor Service and Standard and Poor's were AA+, Aa2 and AA, respectively.
These ratings indicate high quality obligations and reflect sound financial management of the State.
The 2013 CAFR and PAFR (Report to Our Citizens) are available on the Controller's website at www.controller.nv.gov.[[In-content Ad]]
