INFORMATIONAL MEETING

TAPES 3-4, A-B

HOUSE REVENUE COMMITTEE

JANUARY 16, 2003 8:30 AM STATE CAPITOL BUILDING

Members Present: Representative Joanne Verger, Vice-Chair

Representative Wayne Scott, Vice Chair

Representative Phil Barnhart

Representative Vicki Berger

Representative Pat Farr

Representative Mark Hass

Representative Elaine Hopson

Representative Max Williams

Members Excused: Representative Lane Shetterly, Chair

Staff Present: Paul Warner, Legislative Revenue Office

Kathy Tooley, Committee Assistant

TAPE 3, SIDE A

005

Vice-Chair Joanne Verger

Calls meeting to order at 8:30 a.m.

INFORMATIONAL MEETING

052 075 087	Paul Warner Warner Warner	Presented orientation program on “Oregon’s Revenue Situation” (Exhibit 1, Slide 1). Continued with presentation “Prelude: the 1990’s” (Exhibit 1, Slide 2) Continued with presentation “Oregon Income and Property Taxes (Exhibit 1, Slide 3) Questions and discussion interspersed.
237	Warner	Continued with presentation “Oregon’s General Revenue Mix” (Exhibit 1 - Screen 4). Questions and discussion interspersed.
367	Warner	Continued with presentation “Oregon’s State and Local Revenue System” (Exhibit 1, Slide 5) Questions and discussion interspersed.

TAPE 4, SIDE A

078	Warner	Continued with presentation “Oregon’s Tax Burden: Who Pays State and Local Taxes?” (Exhibit 1, Slide 6). Questions and discussion interspersed.
170 204	Warner Warner	Continued with presentation “General Fund Revenue Grew Rapidly in the 1990’s) (Exhibit 1, Slide 7) Questions and discussion interspersed. Continued with presentation “Capital Gains Income Reported by Oregon Taxpayers”, (Exhibit 1, Slide 8). Questions and discussion interspersed.
233 263	Warner Warner	Continued with presentation “Income Tax Revenue from the Stock Market Bubble”, (Exhibit 1, Slide 9). Continued with presentation ”Taxable Corporate Profits Jumped in the 1990’s” (Exhibit 1, Slide 10). Questions and discussion interspersed.
316	Warner	Continued with presentation “2001-03: The Revenue Crunch” (Exhibit 1, Slide 11). Questions and discussion interspersed.
321 353	Warner Warner	Continued with presentation “Oregon Employment Growth (1980Q1-2002Q3) (Exhibit 1, Slide 12). Continued with presentation “General Fund Revenue Dropped Sharply in 2001-02” (Exhibit 1, Slide 13). Questions and discussion interspersed.
387	Warner	Continued with presentation “FY2002 GF Revenues $910.3 Million Below FY2001 Level” (Exhibit 1, Slide 14). Questions and discussion interspersed.

TAPE 3, SIDE B

092 100 107	Warner Warner Warner	Continued with presentation “Current Projection Calls for 8.4% Revenue Drop” (Exhibit 1, Slide 15). Continued with presentation “Corporate Income Tax Back Nearly to Early 1990’s Levels” (Exhibit 1, Slide 16). Continued with presentation “State Income Tax Hit Hardest by Recession” (Exhibit 1, Slide 17). Questions and discussion interspersed.
174 181 209 218	Warner Warner Warner Warner	Continued with presentation “States Ranked by Largest Tax as % of State Tax Collections” (Exhibit 1, Slide 18). Continued with presentation “Budget Response to Shortfall” (Exhibit 1, Slide 19). Continued with presentation “Aftermath: The 2003-05 Revenue Situation” (Exhibit 1, Slide 20). Continued with presentation “Economic Recovery Expected in Mid-2003” (Exhibit 1, Slide 21). Questions and discussion interspersed.
356 376 387	Warner Warner Warner	Continued with presentation “Revenue Growth Projected to Move Back to Trend in 2003-2005” (Exhibit 1, Slide 22). Continued with presentation “Revenue Expected to Partially Bounce Back” (Exhibit 1, Slide 23). Continued with presentation “General Fund Resources” (Exhibit 1, Slide 24). Questions and discussion interspersed.

TAPE 4, SIDE B

51

Vice-Chair Verger

Adjourns 10:55

Tape Log Submitted by,

Kathy Tooley, Committee Assistant Reviewed by Kim Taylor James

Exhibit Summary:

1. Warner, Informational Overview, 8 pages