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Delaware Revenue Panel to Update Forecast

Governor Jack Markell (D-De)
creative commons
Governor Jack Markell (D-De)

NEW CASTLE, Del. (AP) - A state panel is updating Delaware's revenue forecast as the time approaches for lawmakers to begin marking up Gov. Jack Markell's proposed budget for the fiscal year starting July 1.

Monday's update follows a meeting last month in which the Delaware Economic and Financial Advisory Council lowered the official revenue projection for the current fiscal year by about $38 million.

The decline was mostly offset by a corresponding increase in the upcoming fiscal year because of an accounting change involving abandoned property.

The net result of last month's revisions was that lawmakers had about $4 million less to work with, compared with September's estimates, as they considered Markell's proposed $4.1 billion budget for fiscal 2017.

Don Rush is the News Director at Delmarva Public Media. An award-winning journalist, Don reports major local issues of the day, from sea level rise, to urban development, to the changing demographics of Delmarva.