Delaware panel updates official state revenue forecast
NEW CASTLE, Del. (AP) — The panel that sets Delaware’s official revenue forecast is updating its projections as lawmakers prepare to begin drafting a budget for the upcoming fiscal year.
Monday’s meeting of the Delaware Economic and Financial Advisory Council comes after the panel lowered its projections last month, the latest in a series of declining revenue forecasts.
The council last month lowered its revenue estimate for the current fiscal year by about $5 million compared to its March forecast. It reduced the revenue estimate for fiscal 2018 by $11 million.
Those revisions left Gov. John Carney and lawmakers facing an estimated $395 million shortfall between expected revenue and expected expenses for fiscal 2018, based on current year funding.
Carney has proposed a mix of spending cuts and tax increases to balance next year’s budget.