Portland braces for projected $70M budget shortfall

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.

What they're saying: "Portland is not alone in facing these forecasted funding challenges," city economist Peter Hulseman said in a written statement.

• "Communities across the U.S. are seeing slower revenue growth and rising costs, and Portland's forecast reflects similar trends."

What's next: Officials were quick to note that Tuesday's report was a forecast that will be revised as more information becomes available.

• "This forecast sets the starting point for the budget, not the outcome," city budget director Ruth Levine said.

Editor's note: This story has been corrected to reflect that the forecast was released Tuesday (not Wednesday).