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State panel boosts official Delaware revenue forecast

March 19, 2018

NEW CASTLE, Del. (AP) — A state panel on Monday boosted Delaware’s official government revenue estimate by about $100 million, giving lawmakers more options in fashioning a budget for next fiscal year.

The Delaware Economic and Financial Advisory Council increased its revenue forecast for the current year by $46 million compared to December’s estimate. The increase is mostly due to higher projections for personal income tax revenue and abandoned property collections.

Those same revenue categories also are responsible for a $52 million increase in the revenue estimate for fiscal 2019, which starts July 1.

On the down side, corporate income tax projections for both years fell by a combined $29.5 million.

The panel’s meeting was the first since Gov. John Carney proposed a $4.25 billion operating budget, a 3.5 percent increase over this year.

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