The state Economic and Revenue Forecast released May 16 shows that overall revenue for the 2013-15 biennium is expected to be $271.5 million higher than earlier projections.
The higher forecast was the result of larger-than-expected tax collections and continuing improvements in Oregon’s economy. With the encouraging financial news out of Salem, OSBA and other K-12 education advocates will urge the Legislature to increase investment in public education from the current $6.75 billion ($6.55 State School Fund and $200 million in Public Employees Retirement System savings).
In anticipation of an improved economic picture, Gov. Kitzhaber released a revised budget proposal on May 15. It includes additional PERS reforms that would bring total savings in the biennium to more than $900 million and a revenue package to raise an additional $200 million.