Oregon economists have predicted that lottery and tax revenues in the state are expected to rise by an estimated $2 billion from previous calculations, according to a report by The Oregonian.
These figures were discussed by Oregon lawmakers on the House and Senate revenue committees following a state revenue forecast on Wednesday, with the figures highlighting a significant increase in its lottery and tax sector than what was calculated in May.
According to the economists, the revenue boost will see Oregon end its current two-year budget in June 2021 with an estimated $1.7 billion in savings, which is up from the $500 million in reserves lawmakers secured last year. Exact figures as to how much lottery revenues are predicted to increase have not been revealed.
Nevertheless, the figures showcase positive lottery revenues, with the predicted increase coming as a welcome message to Oregon lawmakers following on from the wildfires creating a temporary blackout to the coast and Portland. As a result of the fires a percentage of Oregon’s lottery machines blacked out due to the fire damaging crucial wires.
In total the state two-year budget is estimated to be around $25 billion. Despite the country starting to go into a rescission, similarly to the rest of the world, the latest revenue forecast sees its general fund and lottery revenue being more than adequate to fund its budget.
However, the economists are cautious about Oregon’s future as they explained that problems could become more apparent in future budgets due to the experts not believing that lottery and tax revenue will grow significantly enough year-on-year for it to keep up with increased spending levels.
Still, despite this caution the news can be seen as a positive for Oregon’s lottery sector, with the hope that it can continue growing in the future.