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March revenue forecast not good news, but not unexpected Print E-mail

Oregon’s revenue shortfall for 2007-09 is now projected at $855 million, down an additional $713 million from the December state revenue forecast, State Economist Tom Potiowsky told a joint session of the Oregon House and Senate this morning.  For 2009-11, he said, the March Revenue Forecast is now projecting a shortfall $2.9 billion, about $1.7 billion lower than the December forecast.

The forecast certainly isn’t good news, but it’s not unexpected.  Policymakers and advocates have been working under the assumption that the forecasted shortfall for 2007-09 would come in between $800-$860 million.  Budget proposals released Wednesday by the Ways and Means Committee Co-Chairs ($818 million) and by education, human services and public safety advocates ($860 million) are still viable and on target with the updated forecast.

Within the next 10 days, the legislature is expected to decide how to deal with the 2007-09 shortfall.  Hearings in the House and Senate are scheduled beginning Monday.

This page was last updated on Friday, February 20, 2009 .