Portland predicts surplus of $19M


Growing economy to thank for city’s second surplus in as many years, says the City Budget Office.

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Growing economy to thank for city’s second surplus in as many years, says the City Budget Office.

“We are in this position now because of the improving economy, and also because Council made hard decisions over the last few years to cut spending and keep the budget balanced,” City Budget Director Andrew Scott says. “The additional ongoing resources will only be able to restore a small portion of what was cut, but the economic expansion is providing the City with significant one-time resources that can help address long-standing capital and maintenance needs.”

According to the December Financial Forecast, total General Fund revenue is expected to increase from $426.7 million in the current year to $455.4 million in the fiscal year that begins on July 1, 2015, and ends on June 30, 2016. It is projected to reach $501.1 million in the 2019-2020 fiscal year.

Read more at the Portland Tribune.