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Hello Friends,
State
economists provided legislators with the most recent revenue forecast on
Wednesday, November 29.
Overall,
the forecast contained much positive news for the state and its citizens. It
showed an increase of $47.4 million in general fund and lottery revenue for the
current 2017-19 biennium and a projected increase of $157.7 million for the
2019-21 biennium.
Oregon’s
economy is still expanding, despite having slowed over the last couple of years,
and is outperforming the rest of the nation. Those gains are becoming more
broad-based around the state geographically and across income levels.
Although
many of the state’s rural areas haven’t fully recovered from the recession, their
economies continue to grow faster than they did in recent years. Oregon’s more
populated urban areas are seeing some slowdown as employers are having a harder
time finding workers.
Every
Oregon county was reported to have added population this year, even though
rural areas throughout the United States are not seeing the same trend. The
population influx in Southern Oregon and the southern coastal regions is being
driven by retirees moving in from out of state.
The
forecast was described by the economists as “pretty darn stable” with few
warning signs of risks and many positive indicators. For example, manufacturing
has turned around in the last 18 months after a temporary slump. Oregon’s
borrowing costs are still stable and have dropped relative to those of other
states. Outlooks for personal income tax collection, wages, corporate taxes and
pass-through income have stayed strong as business profits are up.
Another
high point was that the state’s reserves are more than have ever been saved
before. This was due partly to various legislative measures and efforts to
boost those funds in case another recession hits.
Oregon
is also seeing increased retirements of Baby Boomers who are leaving the
workforce. One such retirement was that of Paul Warner, who has served as the
state’s Legislative Revenue Officer for the last 19 years. The revenue forecast
was the 105th put together by Warner, and will be his last. I’ve
enjoyed working with him throughout the last year and wish him all the best for
the future.
Click
here
to view a summary of the forecast. A copy of the PowerPoint presentation given
by the economists can be accessed here.
Yours truly,
Sen. Alan DeBoer
Senate District 3
 Above: Oregon's outgoing Legislative Revenue Officer Paul Warner was given a rocking chair as a present to honor his decades of service to the state. Representatives Phil Barnhart (D-Eugene), Rob Nosse (D-Portland), Barbara Smith Warner (D-Portland) and Sen. Mark Hass (D-Beaverton) were among those congratulating Warner on his retirement.
Capitol Phone: 503-986-1703
Capitol Address: 900 Court St. NE, S-421, Salem, Oregon 97301
Email: sen.AlanDeBoer@oregonlegislature.gov
Website: http://www.oregonlegislature.gov/deboer
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