On Wednesday, May 15, the State of Oregon just realized a historic and massive revenue forecast.
Just from the last forecast in March, every metric grew by eye-popping numbers due to a historic influx of revenue over the tax season.
Available resources for the next biennium (2019-2021) grew by $770 million.
The kicker almost doubled in size. It’s now projected at $1.4 billion.
Net reserve funds are now nearly $3.5 billion.
The dark clouds are evident, however, as economists are now projecting declines in personal income tax revenues going forward.
Nonetheless, the short term forecast was truly historic and will likely tamp down on talk of additional tax revenue for the remainder of the 2019 legislative session.