Panel updates Delaware revenue estimates
DOVER, Del. (AP) — A state panel has updated Delaware’s official government revenue estimates for the final time before lawmakers vote on a budget for the upcoming fiscal year.
The Delaware Economic and Financial Advisory Council on Wednesday increased its revenue estimate for this year by $16.4 million compared to last month’s projections, while projected revenue for fiscal 2020 dropped by $2 million.
Updated figures show an increase in personal income tax revenue estimates compared to last month, but even larger increases in income tax refunds, resulting in net declines in that category.
Since last June, revenue estimates have climbed by about $217 million for this year and by roughly $100 million for next year.
Legislators have drafted a $4.45 billion operating budget for next year but are still working on a capital budget.