Las Vegas Mayor Oscar Goodman says the City Council could vote as soon as next month on a proposal to build a new city hall. In recent weeks each of the three major rating agencies, Fitch, Moody’s and Standard & Poor’s, gave the city hall financing plan their fourth-highest rating — increasing the likelihood that the city will be able to raise the $179 million needed for the project.

Las Vegas City officials will continue to consider how to deal with more than a $400 million shortfall during the next five years — including laying off city workers — at Wednesday's Las Vegas City Council meeting.

The meeting, scheduled to begin at 9 a.m. at city hall council chambers, will include a presentation from Mark Vincent, the city's chief financial officer, on the state of the city's budget.

Vincent and City Manager Betsy Fretwell are expected to outline a series of options, including layoffs and other cost-savings measures, plus ways to boost the local econony.

The city's consolidated tax revenue continues to drop, indicating the economy has not yet bottomed out.

The last estimate, made in May, showed the city is dealing was dealing with a $240 million shortfall during the next five years.

But now that shortfall is estimated to have doubled to more than $400 million because of the decline in sales taxes.

The Las Vegas economy’s tailspin isn’t stopping.

It doesn’t sound good when there is an analogy between the Las Vegas economy and cliff diving, but that’s how UNLV economist Keith Schwer described the latest numbers released March 10 by the Center for Business and Economic Research.

All 10 categories of the Southern Nevada Index of Leading Economic Indicators declined in February, eight by double digits from last year’s levels. The components of the index have even fallen below their counterparts in the national index, he said.

“It is dropping precipitously,” Schwer said. “It’s what we refer to as a cliff-diving chart.”

“The recession that started in October 2007 shows no signs of letting up,” Schwer said. “Job losses continue to mount, and Southern Nevada’s jobless rate is well above the national rate. Further deterioration is anticipated.”

Las Vegas had the highest US foreclosure rate in the third quarter, followed by cities in California and Florida, as unemployment left more borrowers unable to make their mortgage payments, RealtyTrac Inc. said.

Las Vegas led the nation, with 5.13 percent of households receiving a foreclosure filing, almost seven times the national average

New city hall bonds have given project stimulating effect

http://www.lasvegassun.com/news/2009/nov/17/federal-subsidy-interest-bonds-proposed-finance-ne/

Goodman: Vote on city hall could happen next month

http://www.mercurynews.com/news/ci_13773712

Layoffs on table in dealing with LV budget shortfall

City council to hear options from city manager, chief financial officer

http://www.lasvegassun.com/news/2009/nov/17/city-council-discuss-how-deal-budget-shortfall/

Las Vegas economy in free fall

http://www.lasvegassun.com/news/2009/mar/13/las-vegas-economy-free-fall/

Vegas’s foreclosure rate highest in US

http://www.boston.com/business/articles/2009/10/29/vegass_foreclosure_rate_highest_in_us/