Meanwhile, we are exploring options to alleviate the worst of the cuts; implementing a fair share of budget cuts for the Legislature, Judicial Department, Secretary of State, and Treasurer, since the Governor's allotment authority doesn't extend to those agencies; and assessing what additional resources we can bring to bear, including reserves and other funds.

 

Some have called for the Legislature to convene an immediate emergency session, but I believe this is not the right time. We lack information about potential federal government aid to states, which could be significant, and we must carefully assess the scope and long-term impacts of the potential agency cuts. With that information we would be better able to develop a specific proposal or solution that will receive support from the Legislature and Governor, and that makes sense for Oregon families, students and businesses.

In May, Business Oregon (the Oregon Business Development Department) gave an update on the Access to Business Capital Act (ABC Act) that passed during the February special session. The ABC Act expanded the existing Oregon Business Development Fund that has helped businesses like Oregon's Only Organics in Lane County. Business Oregon provided a loan to help expand the company's production capacity and add new products to their line. As a result of the expansion, the company plans to grow from 5 to 19 employees -- creating at least 14 new jobs. Business Oregon pointed out that more than 90% of the work they do is with existing Oregon companies to retain and create jobs. 
 
Senior officials from Business Oregon joined State Treasurer Ted Wheeler and others from the Department of Agriculture, Travel Oregon, state community colleges, Western Oregon University, the Ports of Portland, Umatilla and Morrow, and private individuals on a recent 14-day trade mission to Asia. During the mission, the Oregon delegation visited with renewable energy firms interested in investing in Oregon, worked to solidify relationships to increase Oregon's agricultural exports to Asian markets, and promoted tourism.
 

State Treasurer Ted Wheeler announced in early June returns of $5 million from the Oregon Growth Account. The earnings will be deposited in the Education Stability Fund and available to help the state cope with the current budget shortfall. The Oregon Growth Account was created to spur economic development by providing seed capital to grow businesses. The fund has committeed $97.4 million to invest in Oregon companies. You can read more about it on the State Treasurer's website.
 
State Labor Commissioner Brad Avakian, who is based in Portland, has been working hard to build a strong voice for a proactive workforce development system in the state. Commissioner Avakian points out that being proactive is about getting a better return on our investment, and improving our strategic position for future economic declines. He has identified three steps that Oregon can take to strengthen our workforce system: restore career and technical education to all middle and high schools; restructure the Oregon Workforce Investment Board; and look at K-12 education and workforce development as one continuum. To learn more about the Commissioner's work you can visit BOLI's website.

Construction of the new southbound Interstate 5 Willamette River Bridge has begun. The bridge is scheduled to open by late summer 2011. Construction will affect travel on Franklin Boulevard, the on- and off-ramps connecting I-5 and Franklin Blvd, and bicycle and pedestrian paths on both sides of the river. This year, each I-5 and Franklin Blvd on- and off-ramp will close once for 8 to 12 weeks. Traffic will use Glenwood Blvd as a detour.

For more information visit the Willamette River Bridge website.

Welcome to Brandon Whyte, an intern joining our legislative office. In addition to his experience working in a legislative office, Brandon has four years of political science and economics education and six years of military service.