Oregon’s March state revenue forecast, released this morning, is essentially flat for the current 2009-11 biennium and down a bit for 2011-13.

The forecast, delivered by State Economist Tom Potiowsky and Senior Economist Mark McMullen, projects 2009-11 general fund revenues of $12.429 billion, up by $3.2 million compared to the December forecast.  That slight increase is offset by a net decrease in projected 2009-11 lottery revenues of about $4.7 million.

The estimated state ending balance for 2009-11 now sits at $65 million and, combined with budgetary reserves estimated at nearly $112 million, should leave the legislature with sufficient resources to allocate the remaining $35 million promised to schools for 2009-11. Legislative leaders have indicated that they will take action on that allocation in the next few weeks.

For 2011-13, general fund and lottery revenues are now projected to be down by about $109 million, compared to the December forecast.  State budgetary reserves for 2011-13, which include the Rainy Day Fund and the Education Stability Fund, are now projected at $370.7 million. A Joint Ways and Means co-chairs budget for 2011-13 is expected to be released before the end of March.