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Economic Development News

Delaware panel lowers official state revenue forecast again

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By Randall Chase 

NEW CASTLE (AP) — Delaware’s official government revenue forecast has gone from bad to worse.

The panel that sets the state’s official financial forecast lowered its revenue projection for the current year on Monday by $26 million compared to its September estimate.

The Delaware Economic and Financial Advisory Council also lowered its revenue forecast for fiscal year 2018, which starts July 1, by $8.3 million.

The changes reflect a significant decrease in corporate income tax revenue projections, as well as lower expectations for corporate franchise taxes and higher abandoned property refunds.

The net result is that lawmakers currently have $33.7 million less in spending authority for fiscal 2018 than they had under September’s estimate. Just to match this year’s budget, with no growth, lawmakers would need to find an additional $201 million in revenue.

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