STIF Allocation Estimate - July 2020

ODOT has completed a new update to the Statewide Transportation Improvement Fund (STIF) allocation estimate. This update is outside of the normal annual revenue forecast schedule, and is shared in response to concerns about the impact of COVID-19 on the economy.  We will continue to update forecasts as we receive revised economic data. At the time of this forecast, many different pandemic-related mitigation efforts have been made, such as Governor Brown’s Stay Home, Save Lives order which can be found at this link:  Stay Home, Save Lives, a mandate to wear face coverings which can be found at this link: Statewide Mask, Face Shield, Face Covering Guidance, and delayed or phased timing for counties entering preliminary reopening phases. Additionally, a number of other factors contribute to tax collection impacts such as company policies on working from home and vacation time payouts versus layoffs. July’s forecasted revenue is still 2.93 percent higher than the December 2018 revenue estimate used to build the 19-21 STIF Formula Plans. As more economic data become available, this estimate is likely to be adjusted.