The March state revenue forecast, released this morning, is down only slightly – $35.1 million for the current biennium and $15.8 million for the 2013-15 biennium.  (Analysis from the Legislative Revenue Office is also available.)

“State revenues and the economic environment in Oregon have stabilized,” state economist Mark McMullen told a joint legislative committee this morning.  “The economic recovery is still subject to external (global) risks, but virtually all economic indicators are pointing up.”

The revised 2011-13 forecast leaves the state with a projected $140.7 million ending fund balance for the biennium.  At this time, no further cuts to state funding for K-12 are expected as a result of the forecast; legislative leadership continues to assert its commitment to protecting schools from further reductions during the February session.

For 2013-15, about $1.95 billion in additional revenue is projected.  If K-12’s 39 percent share of state general fund and lottery revenue is maintained in the next biennium, it would mean an additional $750 million – for a total of nearly $6.5 billion – for K-12 in 2013-15.