A tsunami of financial hardship for schools and local governments is looming on the horizon if the state can’t raise more tax revenue.
There was immediate gloom and doom over the state Supreme Court’s recent overturning of “pension reform” legislation that tried to lighten the cost of Oregon government pensions. The high court’s ruling meant that state and local governments must come up with the money to make up for the shortfall in retirement benefits that now must be back-paid to state retirees. It means that local and state governments, along with local school districts, are going to have to re-direct more of their revenues toward making up for what is now a huge shortfall. But that’s just a long headline.
Here’s the rest of the headline and the worrisome details from The Oregonian. Click here.