Oregon budget forecast shows increased revenue
SALEM, Ore. (AP) -- Oregon’s budget picture is improving, according to the state's latest quarterly revenue update.
Oregon Public Broadcasting reports that a quarterly revenue forecast delivered by state economists Wednesday morning shows the state is now expected to top $25 billion in the general fund and lottery revenue during the current budget biennium, which stretches to June 2021.
The updated figure includes a $183.4 million increase in the general fund and lottery resources over what economists predicted in December, and nearly $675 million more than predicted last June.
The updated revenue picture comes as the Legislature considers a wide range of spending proposals in its legislative short session.
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Statement from Oregon Gov. Kate Brown:
"I was pleased to see that today’s revenue forecast shows Oregon remains on solid footing—we’ve experienced sustained economic growth, record low unemployment rates, and have maintained stable reserves. Now is the time to make responsible investments—in priorities like wildfire mitigation and preparedness, earthquake resiliency, and shelter space and services to address homelessness—that will ensure future generations won’t have to shoulder the burdens of our inaction. We have a real chance this year to make a difference before the 2020 fire season and avoid the even greater costs of uncontrolled burns that threaten Oregonians’ health, homes, and lives."
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Statement from Oregon House Speaker Tina Kotek:
“The continued strength of Oregon’s economy is welcome news. While the decade-long recovery from the Great Recession hasn’t lifted all boats, many Oregonians have benefited from a strong economy and our state has maintained reserves to protect essential services in case of a downturn. In the midst of a statewide housing crisis, I think it’s essential we direct some of our ending fund balance toward helping individuals and families experiencing homelessness get access to shelter. I will be increasing my request for one-time dollars for serving unsheltered Oregonians from $40 million to $60 million.”
Statement from Oregon House Majority Leader Barbara Smith Warner, D-Portland:
“Over the years, Oregon House Democrats have passed legislation to increase the minimum wage, ensure strong protections for working people, increase access to health care and make historic investments in our public schools. We have proven that you can invest in people and the services that they count on while also fostering a historically strong economy and prudently managing state finances to save for a rainy day.
“While we are proud of the work that we have done, we recognize that there is more work to do. We must continue to ensure that prosperity reaches far and wide across Oregon, to both the rural and urban parts of our state. We must also take action while times are good to address the most pressing issue of our time: climate disruption. Working together, we will continue to fight for a better future for every Oregonian.”
