Panel updates official Delaware revenue estimates
NEW CASTLE, Del. (AP) — A state panel is updating Delaware’s official government revenue estimates as lawmakers prepare to begin drafting a budget for the upcoming fiscal year.
Monday’s meeting of the Delaware Economic and Financial Advisory Council comes one day before legislative budget writers begin marking up Democratic Gov. John Carney’s proposed $4.4 billion operating budget for the fiscal year starting July 1.
Last month, the council increased its revenue estimate for the current fiscal year by $37.9 million compared to its March estimate. The panel also increased its forecast for fiscal 2020 by $12.9 million, to $4.58 billion.
Carney has said the recent revenue growth is a positive sign for the state, but that officials should be wary of depending on revenue from volatile source like corporate income taxes.