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