Biennial Statewide Financial Condition Report Released by Secretary of State Shemia Fagan
The Audits Division of the Oregon Secretary of State’s Office released the biennial State of Oregon Financial Condition Report today. The report, while not an audit, provides important information regarding key economic indicators for Oregon’s financial status, such as revenues, expenditures, debt, and fiscal health.
“These unprecedented times have shown us that Oregon state government plays a major role in the lives of Oregonians,” said Secretary of State Shemia Fagan. “From unemployment to schools, from roads to housing access, Oregonians rely on state government to provide vital services. Maintaining our state’s economic health is key to sustaining and improving the quality of life for the people of Oregon.”
This report is released every two years by the Oregon Audits Division to provide key information for decision-makers, enabling them to capitalize on opportunities, tackle challenges, and manage the state’s financial condition in a timely and effective manner. While the report covers fiscal year 2020 — which ended June 30, 2020 — it does include information regarding the COVID-19 pandemic and the wildfires that had a significant effect on the state.
Oregon received $1.39 billion in Coronavirus Relief Funds from the federal government, with approximately $641 million in reimbursements going to state agencies. These expenditures included purchasing personal protective equipment, ensuring COVID-19 testing, and supporting services for those disproportionately affected by the pandemic. The state also distributed $1.1 billion in unemployment aid from July to December 2020, after Oregon’s unemployment rate increased to an all time high of 13.2% in April 2020 from 3.6% in March 2020.
Two of Oregon’s most significant indicators are tax revenues and expenditures by program. Since 2018, tax revenues in the state have increased about $853 million, while federal revenues have increased $4.3 billion, largely due to COVID-19 assistance. Meanwhile, human services continues to be the largest program, consisting of 42% of overall expenditures in the state, mostly for the Medicaid program.
Read the full report on the Secretary of State website.
