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Morgan Stanley lifts price target for Amazon to $350, BridgeSpan Health and Regence BlueCross BlueShield are only remaining individual health insurance options in Oregon, Bozeman hits new travel record, Daimler accuses former employee of embezzlement, tech companies tick up while retail stays flat.

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PNW Market Look

As of market close 10.19.26

Musk Says He'll Give Some SpaceX Shares to Public After Anthropic Announces Public Benefit Fund (ST)

Headline Roundup

Yellowstone Park gifted $105M in historic donation from Tallgrass, Blackstone (MTS)
Idaho ranks second for projected skilled trade workforce growth, report finds (IDS)
Consumer sentiment continues to slide as year-end approaches (PBJ)
By Closing Marysville Elementary, PPS Could Be at Risk of Defaulting on a State Contract (WW)
All but two health insurance carriers pull out of individual marketplace in Central Oregon (OPB)
The Booming Portland Economic Sector No One Talks About? Music Equipment. (WW)
Tacoma gets more Opportunity Zones (DJC)
Meta isn't done expanding in Kuna. Two more buildings are under construction (BD)
Sound Transit leaders to give update on long-delayed Ballard light rail extension (KOMO)
Oregon Adds 5,800 Jobs as Retail Employment Falls and Construction Rebounds (SBJ)
Big Timber City Council greenlights trailhead parking as $217K project nears completion (BDC)
Eastern Oregonian CCO outlines Oregon Health Plan changes (LGO)
PGE, citing affordability and other constraints, plots path that falls short of 2030 climate mandate (PBJ)
USDA Recalls 1.5 Million Pounds of Hot Dogs, Bacon and Other Products Over Storage Concerns (Ground)
Bozeman Yellowstone airport tops 3 million passengers (NBCMT)
Amazon stock pops after Morgan Stanley details 5 catalysts, lifts price target (YF)
Seattle radar tech startup Kapta Space raises $24 million, with assist from Gates-backed firm (PBJ)

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Community Highlight

KCRHA's financial hole grows to $16.7 million, renewing calls to dissolve agency (KUOW)

“The financial hole dug by King County Regional Homelessness Authority is deeper than previously realized, prompting renewed calls to end the agency. But a divide remains among the region’s leadership over its future.

“The $17 million hole further confirms that this agency is broken beyond repair and must be shut down,” said King County Councilmember Rod Dembowski, chair of the council’s Executive Finance Committee, in response to the news.

Seattle and King County officials revealed Thursday that the KCRHA has a budget hole of $16.7 million (which is more than the $14 million gap reported last spring). A new analysis of the situation concluded that there was no fraud or theft, rather, the agency simply spent far more than it had.

In a joint statement, King County Executive Girmay Zahilay and Seattle Mayor Katie Wilson called the unrecoverable balance “unacceptable.” They said the city and county are working on a repayment plan while trying to protect services for people experiencing homelessness.

The new estimate comes from Turning Point Strategic Advisors, an independent firm the two governments placed inside KCRHA this summer. The firm examined more than five years of financial records, covering the authority’s launch in 2021 through July of this year.

Thursday’s findings substantially change the picture presented in the spring.

An earlier financial evaluation had raised concerns about roughly $8 million in “unreconciled spending.” Turning Point found that money was actually accounted for and cleared the concern as an accounting issue.

But the reconciliation also uncovered a different and much larger problem. KCRHA had built its budgets around $15.6 million in administrative revenue that it never earned. The authority also accumulated $2.4 million in net interest charges by overdrawing its account with King County. That interest is already included in the $16.7 million hole.

According to the financial review, KCRHA counted on grant money to help pay for its staff, offices and technology. But the agency could collect much of that money only when shelters and other service providers spent their grants.

Those providers spent less than expected. That meant KCRHA received less money to cover its own expenses. But the agency’s bills did not shrink along with its revenue. The shortfall grew year after year.

The immediate question is how Seattle and King County will close the agency’s budget hole while both governments also face tight finances.”

Rip’s Spotlight

NE Oregon Economic Development District holds lottery for development accounts (LGO)

“ENTERPRISE — The Northeast Oregon Economic Development District announced on Oct. 12 it is holding a lottery for individual development accounts, a matched savings program.

For every $1 saved, participants receive $5 in matching funds. Participants may earn up to a $10,000 match after saving $2,000 and meeting program requirements, for a total of $12,000.

Funding is limited, and the intake form for the lottery is due by Nov. 1.”

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