State panel boosts official Delaware revenue forecast
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.