Budget

Lawmakers Must Address Revenue Shortfall

 Salem, OR – Thursday lawmakers received news the state’s expected revenues are down another $377.5 million.  This brings the total decline since the end of the 2009 Legislative Session to $1.268 billion.  Still, the halls of the State Capitol in Salem remain largely empty.  Senator Chris Telfer (R-Bend) wants to change that and renewed Republican calls for an emergency session of the Oregon Legislature.

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

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

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.

Budget

Balancing the budget is required by the Oregon Constitutution.

Budget Update: Options for Handling the Deficit

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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