Delaware Economic and Financial Advisory Council

Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue forecast is meeting to update its projections for the current and upcoming fiscal years.

Monday's meeting of the Delaware Economic and Financial Advisory Council comes one month after it made its first update of the year, lowering its revenue estimate for the current year by $39.4 million compared to its December estimate.

public domain clipart

The latest Delaware revenue projections find that tax-collection estimates dropped more than $45 million.

That’s the word from the Delaware Economic and Financial Advisory Council on Monday.

The governor’s $3.9 billion budget had been based on a higher projection.

The decline will now force the governor and lawmakers to trim state spending or hike revenue to balance the state budget.

Don Rush

Delaware’s revenue forecasting panel says the state’s budget problems just got worse predicting that it will fall $75 million short of previous estimates.

The new projections by the non-partisan Delaware Economic and Financial Advisory Council means that the state’s governor and lawmakers may have to consider budget cuts as they head toward the June deadline.

The Wilmington News Journal reports that Governor Jack Markell is expected to put $20 million back into the general fund that agencies will not spend this year.

Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections has significantly lowered expectations for corporate income tax revenue this year, putting more pressure on state lawmakers charged with developing a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council on Monday lowered its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast, led by a $70 million drop in estimated corporate income taxes.

Revenues Up in Delaware

May 21, 2013
Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections is increasing its revenue estimates over last month's figures.

The Delaware Economic and Financial Advisory Council on Monday boosted its revenue estimate for the current year by $15.4 million, mostly due to a $12 million jump in estimated corporate income taxes.

For fiscal year 2014, which starts July 1, the panel increased its revenue estimate by about $5 million, also due largely to corporate income taxes.

freepik.com

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue forecast has formally adopted the tax increases proposed by Gov. Jack Markell in January and approved by state lawmakers last month.

The tax increases boosted the official revenue estimate for the fiscal year starting July 1 by $27.9 million compared to the March estimate.

Projected revenue for fiscal 2015 grew by $156.7 million over last month's estimate.

Don Rush

Salisbury Property Assessments

There has been an average decline of 7 percent for property values in Salisbury since the onset of the Great Recession.

City Administrator John Pick said this was the most dramatic decline in the last three years.

The city’s overall assessed value plunged by more than $130 million.

The Salisbury Daily Times reports that the new numbers are expected to play a key rote this week as Mayor Jim Ireton and the City Council begin grappling with the city budget.

freedigitalphotos.net

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections has offered a mixed bag in updating its financial forecast.

The Delaware Economic and Financial Advisory Council on Monday lowered projected revenues for the current fiscal year by $26.5 million, saying some $45 million in corporate income taxes will be collected in the fiscal year starting July 1, rather than this year. An overall drop of about $51 million in estimated corporate income tax was partially offset by an increase of almost $17 million in estimated personal income taxes.

Revenue Projections, fotosearch.com

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections has updated its near-term financial forecast.

Revenue Projectiosn, freedigitalphotos.net

NEW CASTLE, Del. (AP) — The panel that sets Delaware's official revenue projections is meeting to update its financial forecast. Monday's meeting of the Delaware Economic and Financial Advisory Council is the first since lawmakers passed a budget for the fiscal year that started July 1.<?xml:namespace prefix = o />

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections is meeting to update its financial projections.

Friday's meeting of the Delaware Economic and Financial Advisory Council is the panel's last before the start of a new fiscal year on July 1.

State lawmakers will use the updated figures to put the finishing touches on a budget for fiscal 2013.

Last month, the panel lowered its revenue estimates for the current fiscal year by about $47 million compared to its April estimate.