revenue

Virginia Lottery Website

RICHMOND, Va. (AP) - The Virginia Lottery says it raised more than $500 million during the last fiscal year for Virginia's public schools.

The lottery says it increased its sales to more than $1.84 billion in fiscal year 2015. More than $1 billion in sales were generated from Scratcher tickets alone, setting a record.

The lottery says more than $12 million in unclaimed winnings were donated to state's Literary Fund, which benefits education by assisting technology upgrades in schools and teacher retirement funding.

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BALTIMORE (AP) - Maryland officials say lottery sales and casino revenues contributed over a billion dollars to the state in the 2015 fiscal year, the first time the number has topped the $1 billion mark.

The Maryland Lottery and Gaming Control Agency said Monday that $525 million came from the lottery and $487 million from the state's five casinos. Officials say the total is an increase of about 19 percent from the 2014 fiscal year.

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DOVER, Del. (AP) - A Democratic proposal to raise income taxes for wealthy Delawareans has been released by a House committee for a vote by the full House.

The bill would hike the tax rate to 7.1 percent for income between $125,000 and $250,000. For taxable income above $250,000, the rate would be 7.85 percent.

The current top tax rate is 6.6 percent for income above $60,000.

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NEW CASTLE, Del. (AP) - The panel that issues Delaware's official revenue forecast has given legislative budget writers a little more breathing room.

The Delaware Economic and Financial Advisory Council on Monday boosted the net revenue estimate for the current and upcoming fiscal years. The panel says revenues are up by about $33 million over last month's estimate, thanks mostly to personal and corporate income tax collections.

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NEW CASTLE, Del. (AP) - The panel that issues Delaware's official revenue forecast is providing its final update of the fiscal year.

Lawmakers will use Monday's update from the Delaware Economic and Financial Advisory Council to finish marking up Gov. Jack Markell's proposed $3.9 billion budget for the fiscal year starting July 1.

Last month, the estimate of revenue available for fiscal 2016 increased by about $18.5 million, following a decline of $22 million in April.

Don Rush

DOVER, Del. (AP) - Republican lawmakers have introduced legislation to eliminate Delaware's estate tax effective July 1.

The legislation introduced Thursday aligns with a recommendation by a state panel formed by Democratic Gov. Jack Markell.

The panel, which studied how to make Delaware's revenues more predictable and aligned with economic conditions, noted that the estate tax is volatile and brings in little money - only $1.3 million last year.

Virginia Revenue Up

May 14, 2015
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RICHMOND, Va. (AP) - Gov. Terry McAuliffe says Virginia's state revenues in April increased by more than 10 percent from a year ago.

Figures released Wednesday by McAuliffe's office show payroll withholding tax collections increased by 3.5 percent in April. Sales and use tax collections rose by 5.9 percent.

Collections of individual nonwithholding and corporate income taxes also increased.

Total revenue collections are up 7.5 percent so far this fiscal year. A budget approved in the 2015 legislative session projected 4.7 percent growth.

Dover Downs Website

DOVER, Del. (AP) - Dover Downs Gaming and Entertainment narrowed its first-quarter loss compared to last year but says further cost-cutting is needed.

The company on Thursday reported a net loss of $352,000, compared to a $1 million loss for the first three months of 2014. Revenues dropped from about $45.5 million to slightly more than $44.3 million.

The company said it will stop offering unprofitable table games at its Dover Downs casino between 2 a.m. and 8 a.m. Monday through Thursday, starting May 18, resulting in the elimination of 24 positions.

Don Rush

NEW CASTLE, Del. (AP) - A panel exploring how to make Delaware's revenue portfolio less unpredictable and more reflective of economic conditions is putting the finishing touches on its report.

The Structural Revenue Review Committee was to meet Friday to discuss the content and dissemination of its report to Gov. Jack Markell and state lawmakers.

Delaware Revenues Down

Apr 21, 2015
Don Rush

NEW CASTLE, Del. (AP) - Members of the Delaware legislature's budget-writing committee will have to sharpen their pencils again following another decline in projected revenues for the upcoming fiscal year.

The panel that sets the official revenue forecast on Monday lowered its estimate of revenue available for fiscal 2016 by $21.7 million compared to last month, when the estimate fell by $45 million.

The latest revision means revenue estimates have fallen about $67 million since Democratic Gov. Jack Markell proposed a $3.9 billion budget in January.

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.

Don Rush

RICHMOND, Va. (AP) - Virginia's state revenues are higher than previously projected with March collections up nearly 12 percent higher than a year ago.

Gov. Terry McAuliffe's office released figures Monday showing that total revenue collections are up 7.1 percent so far this fiscal year. That's more than 2 percentage points higher than the growth projected in a budget lawmakers approved in the 2015 legislative session.

McAuliffe said the strong revenues are a sign that Virginia's economy is improving.

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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.

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.

Revenue Up in Virginia

Jan 13, 2015
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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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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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.

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 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.

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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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.