Secretary of State LaVonne Griffin-Valade Releases Statewide Financial Condition Report for Fiscal Year 2023
The Secretary of State’s Audits Division released the State of Oregon Financial Condition Report today. The report is not an audit, but provides important information regarding key economic and demographic indicators for Oregon’s financial status, such as revenues, expenditures, debt, and fiscal health.
“These financial condition reports are one of the best things audit shops do to provide important financial information to decision-makers,” said Secretary of State LaVonne Griffin-Valade. “It is critical Oregon maintain sound financial condition in an environment of limited financial resources. This report provides information for those charged with managing the financial condition of the state, allowing them to tackle challenges and capitalize on opportunities.”
The report covers a 10-year period ending June 30, 2023, the end of the fiscal year. The report also includes timely information regarding other issues affecting Oregonians, including weather-related emergencies, opioid use, aging systems and workforce, and a summary of COVID-19 pandemic spending.
Two of Oregon’s most significant indicators are tax revenues and expenditures by program. Since 2020, tax revenues in the state have increased about $5.2 billion. Meanwhile, human services continues to be the largest program, consisting of 51% of overall expenditures in the state, mostly for the Medicaid program.
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