State revenue forecast shows some improvement

SALEM, Ore. — 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 today.

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 that 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. — Associated Press

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