Oregon revenue forecast down $106.8M

Oregon's state revenues dropped another $106.8 million, yet economists think the chances of another recession are lessening.

Oregon's state revenues dropped another $106.8 million, yet economists think the chances of another recession are lessening.

Overall, revenues are down an estimated $306 million since lawmakers finished writing the 2011-2013 state budget in June, eating up a big chunk of $460 million set aside as a cushion against bad times. 
State economist Mark McMullen described the latest drop as a "marginal downgrade" and said the latest outlook is "frustratingly familiar." 
"I had hoped Oregon's recovery would be further along by now," Oregon Gov. John Kitzhaber said in a statement. "But we planned for this possibility and have reserves set aside. I am working with the bipartisan legislative leadership to jointly produce a budget framework for the upcoming short February session. In the meantime, it is absolutely essential that we continue our efforts to get the private sector economy going, and I'm employing every tool available to get Oregonians back to work."

Read more at OregonLive.com.

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Last modified onMonday, 19 October 2015 11:40

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