Oregon has more than $900M in additional revenue to spend

PORTLAND, Ore. (KOIN) -- According to a report released by Oregon's Legislative Revenue Office Wednesday, the state has more than $900 million in additional revenue than initially predicted.

The Senate Committee on Finance and Revenue met early Wednesday morning to discuss the state’s revenue forecast. During the meeting, the Oregon Office of Economic Analysis reported the state has $964.2 million in extra personal tax revenue.

“This is a pivotal moment for Oregon," said Governor Kate Brown. "We have a windfall of one-time resources this year, and we have the opportunity to make big investments — and to do the big and bold work to help our working families and businesses thrive. We cannot miss this moment.”

Following the meeting, several lawmakers shared where they think the money should go. Many of them detailed their concerns over the state's lack of affordable housing which has fueled the homeless crisis.

“We need to do whatever we can to bring down the cost of living for hardworking Oregonians, particularly individuals and families in need of affordable housing,” said House Speaker Dan Rayfield.

According to the OEA, housing supply is impacting the lack of affordable housing as it's hard to even find an available unit. Additionally, Oregon has reportedly underbuilt housing by 110,000 in the last few decades.

Senate Democrats and House Majority Leader Julie Fahey shared those same sentiments.

In a statement, Fahey said lawmakers should be looking to drive down the cost of living by directing funds toward affordable housing, childcare and healthcare.

While affordable housing is just one issue that's impacting Oregonians, an increase in crime is another.

“Crime is on the rise,” said Senate Republican Leader Tim Knopp. “The Governor continues to double down on letting criminals out of prison, while several bills are working through the legislature that will make our communities more dangerous. We must invest in public safety."

Senate Republicans are looking to combat the increased crime rates through the additional funds. Republican lawmakers said they want $60 million to be allocated to Oregon State Police, so OSP can help local law enforcement. 

The state also reported an additional $633.8 million in corporate tax revenue, which state officials said will likely be dedicated to K-12 education between 2023 and 2025.