The Oregon Department of Transportation (ODOT) in July released an updated State Highway Fund Revenue Forecast. This report presents a selection of State Highway Revenue forecasts for the Oregon Department of Transportation. Traditionally, this forecast is published twice a year to assist in financial planning, the formulation of transportation budgets, and to support other decision-making activities.The July forecast was provided just three months after the April forecast to assess and provide further updates of the impact of the COVID-19 pandemic on the revenue forecast reflective of the continuously evolving nature of the COVID-19 pandemic and its impact on State local, and national economies.
Following a 30 percent decline in June county road apportionments, the July forecast illuminates a greater deficit for Fiscal Years (FY) 2020 – 2024 than originally forecasted in April. Economists project an additional $2.6 million reduction in county payments beyond the April forecast, resulting in an overall projected reduction of $25.3 million in county payments for FY 2021 from pre- COVID-19 levels.
Of the total $250 million in projected reductions to the State Highway Fund between fiscal years 2020 and 2024, the county share equals about $63.4 million.
The larger reductions in projected State Highway Fund revenues are a product of both Oregon Driver and Motor Vehicle Services (DMV) closures and a prolonged recovery period into FY 2024.
Projected Reductions in County Apportionments through FY 2024
- FY 2020: County total of 303.2 million – a reduction of $15.6 million
- FY 2021: County total of 321.3 million – a reduction of $25.3 million
- FY 2022: County total of 336.8 million – a reduction of $11.6 million
- FY 2023: County total of 347.8 million – a reduction of $6.9 million
- FY 2024: County total of 354.8 million – a reduction of $4 million
To view the FY 2020-2021 County Road Revenue Forecast, click here.
To view the FY 2020-2021 COVID-19 Forecast, click here.
To view ODOT news release, click here.
Contributed by: Megan Chuinard | Public Affairs Associate