|May state revenue forecast down, but not as low as feared|
Oregon state general fund and lottery revenue is down $255.7 million for 2007-09 and, after adjustments for several new laws related to expenditure cuts and revenue increases, projections result in a negative ending balance of $351.3 million. For 2009-11, the revenue shortfall is $523.9 million, compared to the March state revenue forecast, state economist Tom Pitiowsky told the House and Senate Revenue Committees this morning.
The May state revenue forecast is not good news, but it is a little better than anticipated by many state leaders who are attempting to build the 2009-11 budget. The total budget shortfall for 2009-11 now stands at $3.583 billion.
At 3 p.m. Monday, the co-chairs of the legislative Ways and Means Committee are expected to release a 2009-11 budget that is based on today's forecast.
"We are hopeful that the K-12 number in the co-chairs budget will be in excess of $5.6 billion for 2009-11," COSA Executive Director Kent Hunsaker said this morning. "We will continue to work inside the Capitol and vigorously seek even higher levels of school funding. In addition, there is likely to be a revenue package coming out of this session, which will give us an opportunity to add to the K-12 funding available."
|This page was last updated on Thursday, May 21, 2009 .|