Oregon’s May 2021 Economic and Revenue Forecast released on Wednesday presents a bright outlook. The 2021-2023 forecast paints a better picture than what Governor Kate Brown’s budget reflected in December when the state was projecting “strong cost controls” in the health care system.
COVID-19 federal aid and tax revenue played a major role in the state’s monetary outlook. According to a summarized report, available resources have increased since the last forecast by more than $1 billion per biennium through 2025-2027. The personal kicker is projected at over $1.4 billion.
Tom Holt, managing partner at The Holt Company, says the additional money will give legislators some breathing room as they work to craft the new state budget.