Economic panel updates official state revenue forecast
NEW CASTLE, Del. (AP) — A state panel is updating Delaware’s official revenue forecast as Gov. John Carney prepares to unveil his budget proposal for the upcoming fiscal year.
Monday’s meeting of the Delaware Economic and Financial Advisory Council is the first since Carney took office in January.
In December, the council lowered its revenue forecasts for both the current year and for fiscal 2018, which starts July 1.
Officials said then that just to match this year’s budget, with no growth, they would need to find another $201 million in revenue.
Taking into account cost drivers for next year’s budget, such as Medicaid obligations, debt service and school enrollment increases, the actual shortfall, compared to the current budget, is around $350 million.
Carney will unveil his proposed budget for fiscal 2018 on Thursday.