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May 26th, 2010 Senate floor speech text - Budget crisis

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Mr. President:

Just three short months ago, many of us took to this floor and warned that this legislature needed to act during February's Special Session to reduce state spending and avoid a potential fiscal catastrophe if revenues should plummet in 2010.

Those pleas were rejected by the majority. The huge tax increases of Measures 66 and 67 would"stabilize" the budget situation, they claimed. Our fiscal challenges had been addressed. Increased spending and increased taxes would lead the state through the budget crisis.

Starr offers rainy day fund alternative to Governor proposal

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Instead of stealing the kicker, Starr requires dedicated saving every budget cycle

Salem, OR – This February, Senator Bruce Starr (R-Hillsboro) is offering an alternative to Governor Ted Kulongoski’s rainy day fund proposal. Starr will again introduce a bill that would put 3% of state revenue into a savings account at the beginning of every budget cycle. Governor Ted Kulongoski (D) has proposed changing the state constitution to allow use of Oregon’s kicker money for a rainy day fund.

Rainy Day Fund

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Fiscal responsibility has also been a major charge of Senator Starr’s. For multiple legislative sessions, Starr has pushed legislation encouraging Salem’s elected leaders to set aside 3% of the General Fund before the bi-annual budget is determined, and put that money into the state’s rainy day fund.

Budget

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Balancing the budget is required by the Oregon Constitutution.

Budget Update: Options for Handling the Deficit

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Last month the Legislative Fiscal Office released information outlining the current budget situation and the steps the Co-Chairs of the Joint Committee on Ways and Means are taking to balance the budget.  This month the economic and revenue forecast will be released, giving a much clearer picture of how large the deficit is for the 09-11 budget.  Until then, the Co-Chairs have estimated that the budget will be about $4.3 billion short.

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