Portland could be facing a budget gap of nearly $70 million next year, according to a forecast from city economists released Wednesday.
Why it matters: If this sounds familiar, it should. City leaders were forced to dig themselves out of an even bigger hole earlier this year.
State of play: The forecast predicts a one-time General Fund shortfall of $50 million for the next fiscal year and an ongoing gap of nearly $17 million.
- The deficit is primarily driven by revenue from property and business taxes coming in lower than expected, per the forecast.
Catch up quick: Portland had to grapple with a $150 million shortfall earlier this year when, just a few months into the city’s new form of government, city leaders had to make painful cuts and eliminate dozens of jobs…