Delaware Revenue Forecast Lowered

Apr 18, 2017

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DOVER, Del. (AP) - The panel that sets Delaware's official revenue forecast has lowered its projections.

Monday's meeting of the Delaware Economic and Financial Advisory Council was the 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.

WXDE-FM reports the council reduced revenue projections by $4.8 million for the current fiscal year and by $11 million for the next fiscal year.

One member of the panel, state Sen. Gary Simpson, says, "We're seeing a sluggish economy."

Before Monday's revisions, Carney and state lawmakers were already facing an estimated $385 million shortfall between expected revenue and expected expenses for fiscal 2018, based on current year funding.