State economists released their quarterly revenue forecast, and said that Oregon will have more money to spend in its next two-year budget than previously anticipated.
State economists released their quarterly revenue forecast, and said that Oregon will have more money to spend in its next two-year budget than previously anticipated.
The economists predicted that the state will gain an additional $130 million in revenue during the two-year budget cycle that begins July 1.
Gov. John Kitzhaber and legislative leaders have agreed that additional revenue should go first to offset proposed cuts to programs for seniors, the poor and people with disabilities. Those programs are facing massive cuts after running out of federal stimulus dollars that propped up the spending over the past two years.
Despite the rosy news for the next two years, the forecast has dark spots. Lawmakers face an unexpected $16 million gap in the seven weeks remaining for the current budget.
And projected growth in the near term would come at the expense of the budget for the 2013-2015 biennium.
Read more at Businessweek.
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