(a) The amount of direct expenditure, direct reduction of expenditure, direct reduction in state revenues, direct tax revenue or indebtedness and interest that will be required to meet the provisions of the measure if it is enacted; and

(b) The aggregate amount of direct expenditure, direct reduction of expenditure, direct reduction in revenues, direct tax revenue or indebtedness and interest that will be required by any city, county or district to meet the provisions of the measure if it is enacted.

(2) For a state measure for which an estimate is required to be prepared under subsection (1) of this section, the financial estimate committee may estimate the aggregate amount of direct expenditure, direct reduction of expenditure, direct reduction in revenues, direct tax revenue or indebtedness and interest that will be required by any federally recognized Native American or American Indian tribal government to meet the provisions of the measure if it is enacted.

(3) If the Legislative Assembly has enacted a law that will apply only if the measure for which an estimate is required to be prepared under subsection (1) of this section is not enacted, the financial estimate committee may also estimate the amount of direct expenditure, direct reduction of expenditure, direct reduction in revenues, direct tax revenue or indebtedness and interest that will result for the state, any city, county or district or any federally recognized Native American or American Indian tribal government if the measure is not enacted.

(4) For a state measure for which an estimate is required to be prepared under subsection (1) of this section, the financial estimate committee shall consult with the Legislative Revenue Officer to determine if the measure has potentially significant indirect economic or fiscal effects. If the committee determines that the indirect economic or fiscal effects of the measure are significant and can be estimated, the Legislative Revenue Officer shall prepare on behalf of the committee an impartial estimate of the indirect economic or fiscal effects of the measure. The Legislative Revenue Officer shall use the best available economic models and data to produce the estimate. The financial estimate committee shall incorporate relevant parts of the estimate prepared by the Legislative Revenue Officer into the estimate prepared by the committee under subsection (1) of this section.

(5) Except as provided in subsection (6) of this section, the estimates described in subsections (1) to (3) of this section shall be printed in the voters’ pamphlet and on the ballot. The estimates shall be impartial, simple and understandable and shall include the following information:

(a) A statement of the amount of financial effect on state, local or tribal government expenditures, revenues or indebtedness, expressed as a specific amount or as a range of amounts;

(b) A statement of any recurring annual amount of financial effect on state, local or tribal government expenditures, revenues or indebtedness;

(c) A description of the most likely financial effect or effects of the adoption of the measure; and

(d) If an estimate is made under subsection (3) of this section, a description of the most likely financial effect or effects if the measure is not enacted.

(6) If the financial estimate committee determines that the measure will have no financial effect on state, local or tribal government expenditures, revenues or indebtedness or that the financial effect on state, local or tribal government expenditures, revenues or indebtedness will not exceed $100,000, the committee shall prepare and file with the Secretary of State a statement declaring that the measure will have no financial effect or that the financial effect will not exceed $100,000. The statement shall be printed in the voters’ pamphlet and on the ballot.

(7) If the financial estimate committee determines that the measure will have a financial effect on state, local or tribal government expenditures in excess of $100,000 and that the measure does not include a dedicated funding source to pay for the new expenditures required, the committee shall prepare and file with the Secretary of State the statement "MEASURE SPENDS MONEY WITHOUT IDENTIFYING A FUNDING SOURCE." A statement prepared under this subsection shall be printed in bold in the voters’ pamphlet immediately following the printing of the estimates described in subsections (1) to (3) of this section.

(8) In addition to the estimates described in subsections (1) to (3) of this section, if the financial estimate committee considers it necessary, the committee may prepare and file with the Secretary of State an impartial, simple and understandable statement explaining the financial effects of the measure. The statement may not exceed 500 words. The statement shall be printed in the voters’ pamphlet with the measure to which it relates.

(9) The Legislative Policy and Research Committee shall provide any administrative staff assistance required by the financial estimate committee to facilitate the work of the financial estimate committee under this section or ORS 250.127.

(10) The financial estimate committee is created, consisting of the Secretary of State, the State Treasurer, the Director of the Oregon Department of Administrative Services, the Director of the Department of Revenue and a representative of a city, county or district with expertise in local government finance. The representative of a city, county or district shall be selected by the four other members of the financial estimate committee and shall serve for a term of two years that begins on March 1 of the odd-numbered year. [Formerly 254.180; 1987 c.724 §6; 1991 c.971 §1; 1993 c.493 §15; 1999 c.844 §1; 2005 c.633 §1; 2013 c.47 §1; 2016 c.88 §11; 2019 c.603 §1]