Oregon facing $3 billion budget crisis next biennium (2017-19)?

The big news this week was the revenue forecast, which is up an additional $463 million. This means there is an additional $1.75 billion in this budget cycle. On the front end we should keep in mind the fact the revenue forecast is an educated guess as to what the economy will do over the next two years. The state economists work in consultation with business and labor leaders to come up with the projection, which was announced on Thursday. The May forecast is what the Legislature uses to create the budgets for the next biennium. One complicating factor is the fact that while the current biennium ends on June 1, the final numbers won’t actually be “trued up” until September.


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