Delaware panel updates official state revenue forecast

DOVER, Del. (AP) — The panel that sets Delaware’s official revenue forecast is meeting to update its projections.

Monday’s meeting of the Delaware Economic and Financial Advisory Council is its first since Democratic Gov. John Carney proposed a mix of tax increases and spending cuts last month to balance a budget for the fiscal year starting July 1.

At its March meeting, the council lowered its revenue estimate for the current fiscal year by about $30 million compared to its December forecast. It also reduced the revenue estimate for fiscal 2018 by about $6.5 million compared to its December forecast.

Those revisions left Carney and state lawmakers facing an estimated $385 million shortfall between expected revenue and expected expenses for fiscal 2018, based on current year funding.