Marie Mortera reporting

Lawmakers are referring to Nevada's economy as suffering from the worst fiscal crisis the state has ever seen.  

Nevada is facing an estimated $1 billion shortfall, which was at the center of Thursday's emergency budget meeting called for by Gov. Jim Gibbons.

Behind closed doors, the governor, state lawmakers, the state treasurer, and the lieutenant governor focused their discussion upon Nevada's budget crisis, which only continues to worsen.

Wednesday we learned that the state's gaming tax collections for May were more than 3 percent lower than last year.

"The numbers were a lot worse than we thought, the situation is more dire," says Assemblyman John Ocegura of Las Vegas. "We're about $60 million in the hole."

The purpose of this emergency meeting was to brainstorm possible solutions to help Nevada out of this crisis. Ideas included selling bonds from tobacco company payments and possibly cutting more funds.

One of the programs taking a cut is Nevada 2-1-1. Started two years ago, Nevada 2-1-1 is a telephone helpline offering assistance for everything from basic needs, to health and human services. It is designed to provide guidance on issues such as how to save your home, where to find a job, physical and mental health resources, and even support for community crises.

But Nevada 2-1-1 and its fellow programs are now in need of help, after its budget was cut by one-third just this year.

For the first time in 30 years, Nevada's revenue for fiscal year 2008 "is projected to be lower than revenue for '07 fiscal year," says Gov. Gibbons. "And the '09 revenue projections are lower than '08."

And that's just the beginning, as Southern Nevada is only now thinking of how to prepare for the tougher times ahead. Lawmakers are estimating that next year's budget will be cut by 20 percent.

Lawmakers plan to attend more meetings with Gov. Gibbons to outline more solutions. The governor said Thursday that he is considering holding a special session to resolve the budget crisis.

A decision is expected within the next several days.