State economists expect Oregon to collect slightly more money in the near term than they forecast three months ago. Experts released the quarterly revenue forecast to state lawmakers on Tuesday. The latest forecast projects a slight uptick in revenue during the last six months of the current budget cycle, averting the need for major budget cuts immediately.
Economists also project will the state will earn an additional $55 million in the next two-year budget cycle, which begins July 1. Still, the $16.5 billion in anticipated revenue is about $700 million short of the cost of maintaining government services at their existing levels for two more years.
The forecast projects future earnings in the general fund and lottery funds, the two revenue sources over which state lawmakers have the most control.