What state revenue windfall means for business

By Oregon Business and Industry

“The March revenue forecast shows that tax collections continue to exceed previous forecasts,” said OBI President and CEO Angela Wilhelms Feb. 9. “Meanwhile, general fund revenue for the current biennium is expected to top the December forecast by almost $790 million, bringing the total biennial forecast to $1.6 billion more than what was used to set the 2021-23 budget, and the biennium is now expected to end with almost $4.5 billion in reserves.”

“The forecast also showed that the next two biennia are scheduled to see $28 billion and $32 billion in general fund revenue, respectively.”

“These record collections, which are growing significantly each biennium, should end any consideration of tax increases for some time,” Williams said. “It is also important that lawmakers make spending decisions that are in line with these forecasts. For example, one-time funds should not be used to create new or expanded programs that will prove unsustainable in future biennia.”

Disclaimer: Articles featured on Oregon Report are the creation, responsibility and opinion of the authoring individual or organization which is featured at the top of every article.