Secretary of State LaVonne Griffin-Valade Releases Statewide Financial Condition Report for Fiscal Year 2023
SALEM, OR — 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.
Read the full report on the Secretary of State website or view here.
CONTACT: Laura Kerns | 971-707-0313 | laura.kerns@sos.oregon.gov
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About the Oregon Audits Division
The division exists to fulfill the Secretary of State’s constitutional and statutory audit authority. We do this by auditing to protect the public interest and improve Oregon government. Our vision is to be the source of independent, reliable, useful, and timely information on state government operations and programs for the Governor, Legislature, and people of Oregon; and to provide transparency and accountability for the use of public resources.
About the Oregon Secretary of State
The Oregon Secretary of State is one of three constitutional offices created at statehood. Oregon’s Secretary of State is Oregon’s chief elections officer, chief auditor, chief archivist, and oversees business and nonprofit filings. The Secretary of State also serves as one of three members of the State Land Board and as the chair of the Oregon Sustainability Board. Under Article V, Section 8a of the Oregon Constitution, if there is a vacancy in the office of Governor, the Secretary of State becomes governor. As an independently elected constitutional officer, the Secretary of State answers directly and solely to the people of Oregon.