The budget counted on the general fund collecting $180 million from business license taxes and lodging taxes. The budget assumed the city’s economy would grow, not decline steeply and suddenly amid the coronavirus outbreak.
-- Everton Bailey Jr., The Oregonian
A perfect storm is shaping-up to hit Portland hard, as revenue from fees and taxes on business and tourism-related activities disappears - but retirement obligations keep coming. The city's FY 2019-20 budget obligates $22 million to PERS (Oregon's public employee retirement system), which is a 35% increase over the previous budget. Meanwhile, the S&P 500 is down 26.5% from its close on February 19th, and 10-year Treasuries are yielding 0.5870%.