NAO Update: June 8, 2023
I hope everyone is enjoying the beautiful weather and getting a chance to get outside and take care of their mental health. We nonprofit people all-to-often are serving others but neglecting ourselves. Take a moment to enjoy all that Oregon has to offer in whatever ways you most enjoy them.
The Oregon legislative session is quickly coming towards its close. While scheduled to close by the end of June, the legislature has not passed any bills for weeks now. Senate Republicans have denied a quorum in protest of specific bills they oppose. The Republicans have said they will grant a quorum only for voting on budget bills. With the Republican Senate walk-out, there is a real threat that all bills that were not already voted on and approved will die in this session. It is extremely unfortunate that the two parties cannot work through a compromise to keep our government functioning and work together for the best interests of all Oregonians. We call on the Senate Republicans and Democratic leadership to re-open discussions to find a solution to this impasse and get our legislative process back on track. The alternative is that hundreds of critical bills that both parties support die. Additionally, there will be a need for a rushed “Special Session” of the legislature (probably in August) in which the most important funding bills will need to be passed. No one wins when the legislative process is rushed.
NAO Update: May 18, 2023
Seems like we’re in the “dog days of Spring” with lots of heat for us all. I hope that you’ve had some time to take in the blooming trees and flowers as you go about your important work in our communities.
The State of Oregon's economists released their revenue projection (second round this spring) yesterday morning. Some big takeaways include:
- Oregon is at or near full employment
- Baseline outlook is the soft landing, but recession risks remain real
- Migration is the key reason Oregon’s economy grows faster than the typical state. Our net migration has slowed and likely turned negative during the pandemic.
The forecast is slightly stronger than the March projection on personal income and corporate tax liabilities, meaning the state will have more funding available to spend on programs. The economists are predicting at least $1.9 billion more in tax and other revenues for the state over the next biennium above their March projections. It should also be noted that the economists show the state’s reserves as being “sizable” and that by the end of the current biennium (June 30th), there will be over $9 billion that the state has saved in reserve funds.