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City economist: ongoing deficit narrowed to $19.7 million but risks remain
Summary
City economist Peter Holzman told the Finance Committee the five‑year ongoing gap in the General Fund is about $19.7 million, improved from prior forecasts, but warned of near‑term revenue uncertainty tied to trade policy and that fiscal year 2026–27 remains the "pinch" year for expenses and PERS increases.
Portland’s projected ongoing General Fund gap narrowed to about $19.7 million in the city’s latest fund‑forecast update, but city officials told the Finance Committee on Thursday that near‑term economic and accounting uncertainties could change that outlook.
For the record, Peter Holzman, the city economist, told the committee the $19.7 million figure reflects only ongoing appropriations carried forward, not expiring one‑time programs or any new proposals the council might adopt: “this piece of that 90,000,000 is what council has adopted as ongoing.”
Holzman and council members said the forecast improved from a roughly $27 million total deficit in December and about $21 million in February to the current ongoing gap of $19.7 million. Holzman said the single largest accounting change affecting the revision was a decision to…
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