What is Oregon's approved budget?

Oregon's current budget Oregon enacted its FY 2024 biennial budget in June 2023. The budget reported $31.9 billion in general fund spending and $121.3 billion in total spending and over the two-year period. Oregon also created a child tax credit in calendar year 2023.

What is Oregon's all funds budget?

2021-23 Budget General Fund/Lottery Funds

The Oregon Legislature finalized a 2021-23 budget comprised of planned expenditures of $25.447 billion General Fund, $1.363 billion Lottery Funds, $48.568 billion Other Funds, and $37.411 billion Federal Funds.

What is the budget proposal for Oregon?

Kotek's proposal consists of $32.5 billion in revenue and $32.1 billion in spending. Those higher revenues in the governor's budget include money that was allocated but never spent in the 2021-23 budget and was folded back into the state's General Fund.

What is Oregon's public budgeting?

The State of Oregon budgets on a biennial basis. The two-year budget period begins on July 1st of odd- numbered years and concludes on June 30th of the next odd-numbered year. Individual state agency budgets are developed and presented by the executive branch and passed into law by the legislative branch.

Is Oregon required to have a balanced budget?

Oregon operates under a biennial budget. Budgets begin July 1 of odd-numbered years and continue for two years. Oregon law requires all state and local governments to balance their budgets.

50 million dollar budget approved for updates to Oregon's irrigation infrastructure

Which state is the only state that is not required to enact a balanced budget?

Every U.S. state other than Vermont has some form of balanced budget provision that applies to its operating budget. The precise form of this provision varies from state to state.

Which state is not obligated to balance its budget?

Every state but Vermont has a balanced budget requirement, though Vermont traditionally also balances its budget. Balanced budget requirements vary by state in terms of stringency and at which point in the process the budget must be balanced.

Does Oregon have a pension?

Public Employee Retirement System (PERS)

All active members have two parts to their PERS retirement: A pension—Tier One, Tier Two, or OPSRP, and. An Individual Account Program (IAP) account.

How underfunded is Oregon pers?

It's $22 billion short of funds needed to pay for pensions owed to government employees and retirees. This unfunded liability is borne by state and local governments – and ultimately all taxpayers.

Is Oregon pers fully funded?

The state's unfunded liability for PERS, the amount needed to cover every public worker's pension, grew by $8 billion last year — reaching a total of $28 billion. PORTLAND, Ore. — Oregon's public employee retirement fund is massive, sitting at roughly $103 billion.

How much does Oregon State make a year?

Oregon State University's revenue is $767.6 million.

Oregon State University peak revenue was $767.6M in 2022. Oregon State University has 7,500 employees, and the revenue per employee ratio is $102,350.

Does Oregon have a rainy day fund?

Oregon Rainy Day Fund (ORDF)

The ORDF was established by the 2007 Legislature as a general purpose reserve fund.

What is the budget for Oregon 23 25?

The legislatively adopted budget (LAB) for the 2023-25 biennium is $121.261 billion total funds, which is a decrease of $4.494 billion, or 3.6%, from the 2021-23 legislatively approved budget of $125.755 billion.

How much is Oregon in debt?

U.S. state and local government debt in Oregon FY 2000-2022

In the fiscal year of 2022, the state of Oregon had state debt totaling 13.8 billion U.S. dollars.

What is Oregon's main source of income?

Oregon's budget includes general fund revenue derived mostly from personal and corporate income taxes; other sources are property, excise, inheritance, and insurance taxes, as well as revenue from liquor sales.

What is Oregon's main income?

The Real Estate and Rental and Leasing, Manufacturing and Healthcare and Social Assistance sectors contributed the most to Oregon's GDP in 2023, representing a combined 41.6% of state GDP.

What is the average PERS pension in Oregon?

Benefit payment amounts include compounded annual cost-of-living adjustments (COLA) and other post-retirement benefit adjustments. Average annual benefit: $34,204. Median annual benefit: $27,156.

What is the 5 year rule for PERS in Oregon?

To vest in your pension, you must do one of two things: Work for five years in a PERS-qualifying position for at least 600 hours per year. The years do not need to be consecutive, but you cannot have a gap in qualifying employment of more than five y​ear​s.

Why not to retire in Oregon?

Housing and healthcare costs, in particular, are higher than in many other states. Traffic: Oregon is known for its traffic congestion, particularly in and around the major cities of Portland and Eugene.

Do retirees pay income tax in Oregon?

Overview of Oregon Retirement Tax Friendliness

Oregon exempts Social Security retirement benefits from the state income tax. Oregon taxes income from retirement accounts like a 401(k) or an IRA, though, at the full state income tax rates.

Is Oregon PERS a lifetime benefit?

PERS provides qualifying public employees a pension (a lifetime monthly benefit) and an Individual Account Program (IAP) account that provide income during retirement.

What state is not in debt?

The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.

Can states carry debt?

The vast majority (99 percent) of state and local debt is long term, but a few states also issue short-term “revenue anticipation notes” to help them manage their cash flow. This type of debt must be repaid within the fiscal year.

Can US states borrow money?

States generally have two options for borrowing money: long-term bonds and short-term notes. Long-term bonds mainly finance long-lived infrastructure projects. They are often repaid over years or decades and represent the vast majority of municipal debt.