Portland city government expects to have $19 million in additional revenue for the next fiscal year — $4.6 million of ongoing revenue and $14.4 million in one-time revenue.
The revenue forecast was released by the City Budget Office on Friday. It said the surplus is the second in two years, and is because the economy is finally growing at levels normally seen during economic expansions.
“We are in this position now because of the improving economy, and also because Council made hard decisions over the last few years to cut spending and keep the budget balanced,” City Budget Director Andrew Scott says. “The additional ongoing resources will only be able to restore a small portion of what was cut, but the economic expansion is providing the City with significant one-time resources that can help address long-standing capital and maintenance needs.”
According to the December Financial Forecast, total General Fund revenue is expected to increase from $426.7 million in the current year to $455.4 million in the fiscal year that begins on July 1, 2015, and ends on June 30, 2016. It is projected to reach $501.1 million in the 2019-2020 fiscal year gbwhatsapp download for android
“The most recent economic data are showing faster growth, both nationally and locally,” says City Economist Josh Harwood. “While our revenue streams currently reflect this robust growth pattern, we don’t expect this level of growth for all five years of the forecast. The City should make prudent investments now that put us in a better position to weather the next economic downturn.”
The December Financial Forecast serves as the preliminary budget planning forecast for the City’s General Fund. It will be updated in late April 2015 prior to City Council adopting the next budget.
The full document can be found here on the City Budget Office website at http://www.portlandoregon.gov/cbo/article/513138.
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