revenue

Local News
12:05 pm
Fri January 16, 2015

First Meeting Set for Panel Examining Delaware Revenues

NEW CASTLE, Del. (AP) - A task force charged with conducting a structural review of Delaware's current revenues is holding its inaugural meeting.

The Structural Revenue Review Committee will meet Friday afternoon at the Buena Vista State Conference Center in New Castle.

Member of the Delaware Economic and Financial Advisory Committee, which approves the state's official revenue forecasts, announced the formation of the review panel last month, saying Delaware faces fundamental limitations that constrain its finances.

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Local News
8:43 am
Tue January 13, 2015

Revenue Up in Virginia

Credit Don Rush

RICHMOND, Va. (AP) - December general fund revenues brightened considerably for Virginia.

Gov. Terry McAuliffe's office announced Monday that revenues increased 13.1 percent last month from the previous year. The growth was primarily in payroll withholding and an extra deposit day, among other factors.

On a fiscal year-to-date basis, total revenue collections rose 6.8 percent. That's better than the revised annual forecast.

McAuliffe called the December numbers a strong showing. He said it signals gradual improvement to the state's economy.

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Local News
7:18 am
Thu January 8, 2015

MD Board of Public Works Okays Budget Cuts

Governor Martin O'Malley (Md-D)
Credit official photo

ANNAPOLIS, Md. (AP) - A Maryland board has approved a plan to address about $410 million of a budget shortfall for the current fiscal year to better position the state to tackle a deficit in the next fiscal year.

The Board of Public Works voted 3-0 Wednesday for the plan.

It includes about $206 million in cuts. Another $108 million will come from spending transfers. There also are some savings from early retirement offerings and cutting vacant positions.

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Local News
8:03 am
Fri October 31, 2014

Delaware Casinos Seek Revenue Adjustment

Credit creative commons

DOVER, Del. (AP) - An industry group representing Delaware's three casinos is asking state lawmakers to revise revenue sharing models so that the casinos can remain profitable amid increasingly intense competition from casinos in other states.

The top priority for the Video Lottery Advisory Council is returning to a tiered rate structure for slots revenue, with the state's share fluctuating based on the amount of revenue taken in.

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Local News
8:45 am
Tue April 22, 2014

Revenue Projection Down for Delaware Budget Writers

Credit 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.

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Local News
8:14 am
Mon April 21, 2014

Upcoming Delaware Budget Revenue Forecast Revision

Credit Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections is updating revenue estimates lawmakers will consider as they work on a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council meets Monday, one month after lowering its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast. Leading that decline was a $70 million drop in estimated corporate income taxes.

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News
8:58 am
Tue June 18, 2013

Casinos and Farm Preservation On Tap for New Funds in Delaware

Credit Don Rush

Casinos

DOVER, Del. (AP) - Markell administration officials are proposing an $8 million temporary financial bailout for Delaware's three casinos.

Administration officials made the proposal Monday to the legislature's capital budget committee as part of their recommendations for spending some $50 million in newly available funds. The new funding includes $21 million in estimated additional tax revenue for the fiscal year starting July 1, and $22 million in premiums from a recent bond sale.

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News
9:26 am
Tue April 16, 2013

Projected Delaware State Revenues Up

Credit 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.

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