NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections has updated its near-term financial forecast.
The Delaware Economic and Financial Advisory Council on Monday increased it revenue estimate for the current year by $9.3 million compared to its June forecast. But because of budgetary changes made by state lawmakers in late June after DEFAC's estimate, the net increase over June's estimate is only $1.9 million. Increased estimates for personal and corporate income taxes were the primary drivers for the adjustment, offset by lower estimates for bank franchise and gross receipts taxes.
The revenue forecast for the fiscal year starting next July 1 was virtually unchanged compared to the June estimate.
Markell administration officials will use the updated financial forecast numbers as they prepare for agency budget request hearings starting in November.
