SB 462

This bill revises provisions within the State Budget Act, which governs how Nevada’s state budget is prepared and submitted. Specifically, it adjusts how agencies’ budgets are calculated – known as ‘adjusted base budgets’ – to more accurately reflect ongoing costs and account for factors like one-time appropriations, statewide benefits, and contractual obligations. The bill also modifies the rules for the State’s ‘Rainy Day Fund’ (Account to Stabilize the Operation of the State Government), changing the measurement used to limit its balance. Finally, it shifts the responsibility for creating a statewide cost allocation plan from the Administrative Services Division to the Chief of the Budget Division.