Legislative Plan Protects K-12 Schools

(from Rep Tobias Read)

Last week the Revenue Committees of the House and Senate met jointly to receive the latest revenue forecast. While the news was not unexpected, the drop in revenue was disappointing nonetheless. The August revenue forecast verifies that Oregonians are still struggling in the global recession.

What you need to know is that despite budget challenges we will not make additional cuts to K-12 schools as a result of this forecast and we will maintain funding at the June level of $5.759 billion. Additionally, we will maintain critical services for our seniors and vulnerable Oregonians, including Oregon Project Independence (OPI), and protect public safety and prevent prison closures for the remainder of the current biennium.

State Economist Tom Potiowsky confirmed that Oregon’s down economy is in line with global and national trends, and he reinforced that the most effective long range strategy is continued investments in education and infrastructure.

In addition to the $118 million in federal assistance recently approved by Congress, the Governor, Senate President and Speaker agreed that in order to protect schools, a portion of state reserve funds will be committed to K-12 when the legislature convenes in February 2011.

We will also have a substantial portion of the Education Stability Fund and Rainy Day Fund available to address the uncertainty of the last three revenue forecasts of the 2009-11 biennium.