Oregon is projected to have approximately $37.8 billion available for the upcoming two-year budget cycle. This number comes after adjustments in the state's economic forecasting methods.
Carl Riccadonna, Oregon's newly appointed chief economist, highlighted the changes in how the state predicts its economic forecasts, which have led to more optimistic projections.
The reworking of the economic forecasting process will aid in better financial planning for the state's budget, potentially impacting various sectors reliant on state funding.
The financial outlook is significant as Riccadonna will detail these projections in an upcoming presentation to the House and Senate revenue committees.
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