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Revenue forecast `beyond disaster''.

Publication: The Register-Guard (Eugene, OR)
Publication Date: 27-FEB-03 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Revenue forecast `beyond disaster''.(Government)(Lower-than-expected Oregon income-tax payments are blamed for the fiscal woes)

Article Excerpt
Byline: David Steves The Register-Guard

SALEM - Oregon's financial free-fall picked up speed Wednesday when top lawmakers learned that state revenues are now expected to come in about $245 million below earlier projections.

In addition to Friday's downward revision in revenues for 2001-03, the next quarterly forecast in May could bring more grim news: a further drop of $100 to $200 million.

That could mean a total revenue drop that's far steeper than the Legislature's previous "worst-case-scenario" prediction of $300 million.

"It's beyond disaster, and even the worst-case scenarios that we'd been talking about," said Senate budget chief Kurt Schrader, D-Canby.

Oregon State Economist Tom Potiowsky, who broke the grim news to top lawmakers and Gov. Ted Kulongoski at a Wednesday morning...



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