|Oregon's September revenue forecast falls $180 million|
Compared to the close-of-legislative-session forecast just two months ago, Oregon general fund and lottery revenues are projected to decline $182 million, state economist Tom Pitiowsky reported today. Get the complete September state revenue forecast here.
The state's reserves now stand at about $315 million, down from nearly $500 million at the close of the session. For schools, $200 million of the $6.0 billion in funding promised for 2009-11 is contingent on state reserves remaining above $300 million. "We are now at the tipping point," COSA Executive Director Kent Hunsaker said.
"Keep in mind that this revenue forecast comes very early in the biennial forecasting process," Hunsaker said. "You can look at that as both a positive and a negative. We have lots of time for economic recovery via an improved forecast -- or we have several more forecasts ahead that could result in even lower revenue."
Hunsaker added that this forecast makes the likely January 2010 election on the legislature's $733 million revenue package even more critical. "The state budget already includes the $733 million," he said. "If the legislature's action is overturned, critical state services such as schools, healthcare, human services and public safety will suffer."
Learn more about the election by visiting Defend Oregon.
|This page was last updated on Thursday, September 10, 2009 .|