September 18, 2013
September 18, 2013 -- The Oregon Legislature adopted a 2013-15 budget comprised of planned expenditures of $15.6 billion General Fund, $0.8 billion Lottery Funds, $26.6 billion Other Funds, and $16.8 billion Federal Funds. The total state budget for the 2013-15 biennium of $59.8 billion is a 4.6% increase from the 2011-13 legislatively approved budget, excluding Oregon University System Other Funds and Federal Funds which are no longer part of the state budget. After each session of the Legislature, the Legislative Fiscal Office (LFO) produces publications that summarize the overall state budget and that provide details on individual state agency adopted budgets. This process normally takes several weeks and is ultimately dependent upon Governor final actions on bills and the official close-of-session forecast. However, in light of public interest in details of the adopted budget, LFO has prepared this Budget Information Brief to provide preliminary data on the General Fund/Lottery Funds budget adopted for the 2013-15 biennium during the 2013 regular session of the Legislature. Additional detail will be provided in the next two months on this component of the budget as well as the total budget, including Other Funds and Federal Funds. The budget display on the page 3 shows the General Fund and Lottery Funds revenues and expenditures as approved during the 2013 regular session. The basic revenue numbers are representative of the May 2013 economic and revenue forecast. Lottery Funds are split between regular Lottery Funds and Measure 76 Lottery Funds; this is done since Measure 76 (M-76) Lottery Funds are dedicated to specific natural resource uses and cannot be used as flexibly as General Fund and regular Lottery Funds. The attached table is broken into three sections – resources, expenditures, and ending balances. Resources: • Resources are based on the May 2013 forecast, but are adjusted with beginning balance and agency specific interest earnings that are ultimately included in expenditures. • The General Fund resources from the forecast are adjusted by the estimated amount of interest costs for the use of Tax Anticipation Notes by the Treasury. • Lottery Funds are reduced by projected distributions for county economic development and transfers to the Education Stability Fund, which are not part of the adopted budget. • Additional resources approved by the Legislature during the session are identified including the legislation responsible for the resource change. Ken Rocco Legislative Fiscal Officer Daron Hill Deputy Legislative Fiscal Officer Legislative Fiscal Office Budget Information Brief / 2013-3 900 Court Street NE H-178 State Capitol Salem, Oregon 97301 503-986-1828Legislative Fiscal Office 2 July 2013 • Includes the amount of additional tax credits beyond current law as approved by the Legislature. • Actual final resources will be officially presented in the close-of-session forecast in September. Expenditures are identified as approved in all budget actions taken by the Legislature during the 2013 regular session for the 2013-15 biennium. Ending Balances: • Regular ending balances include $150 million General Fund and $15 million Lottery Funds (another $3.9 million Lottery Funds represents specific agency cash flow needs). • The supplemental ending balance created due to uncertainty regarding the state’s overall economic situation totals $154.9 million General Fund and $1.4 million Lottery Funds. • The Measure 76 Lottery Funds ending balance ($10.1 million) is for cash flow and debt service requirement of the Parks and Recreation Department.
