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Economists: Little change in Oregon revenue

The Columbian
Published: February 15, 2011, 12:00am

SALEM, Ore. (AP) — Immediate state budget cuts may not be needed after economists told Oregon lawmakers their projections for state revenue are virtually flat — not greatly improved but not getting much worse.

The state revenue forecast delivered to lawmakers Tuesday morning shows projections for the current two-year budget cycle down just $1 million — a tiny fraction of the $14.9 billion total budget.

That’s the good news. But for the next budget cycle beginning in June, economists are projecting that Oregon will take in $109 million less than they predicted three months ago.

Senior economist Mark McMullen from the state Office of Economic Analysis says the widening gap comes in part from lower-than-expected tax collection from businesses.

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