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Nevada budget shortfall seen widening to $898 mln

Mon Mar 31, 2008 8:08pm EDT

SAN FRANCISCO, March 31 (Reuters) - Nevada's expected budget shortfall has widened by $333 million since January to $898 million as revenues have fallen more sharply than expected while state costs have increased, Gov. Jim Gibbons' office said on Monday.

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Nevada officials had expected a shortfall of $565 million in January in the state's 2007-2009 budget cycle, but sales tax collections have fallen more than anticipated amid a severe housing slump and revenue from gambling is not meeting projections.

Nevada posted the highest foreclosure rate of any state in February, or one foreclosure filing for every 165 households, according to RealtyTrac, the real estate information firm.

At the same time, state school and Medicaid caseload expenses are up, according to data from Gibbons' office.

The Republican governor has already ordered most state agencies to cut spending by 4.5 percent to help the state balance its books. (Reporting by Jim Christie; editing by Jeffrey Benkoe)

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