Delaware Lowers Revenue Projection

Date: June 01, 2016

State lawmakers recently found out that
they have less money than previously projected to work with when creating the
state budget.  This means that there isn’t
enough funding in the budget to pay for new spending proposals that are currently
being considered.

According to DelawareOnline
“The Delaware Economic and Financial Advisory Council, a panel of government
officials and economists, projected Delaware will have $4.12 billion to spend
in the next fiscal year, which starts July 1. That’s about $194 million more
than the state spent last year, but $44.8 million less than Gov. Jack Markell
had to work with when he released his recommended budget in January”

Revenue projections are down due to
lower-than-expected returns from personal and corporate income taxes.

The Joint Finance Committee will be
tasked with using the latest estimates to rewrite the governor’s recommended
budget.  Their changes must be approved
by both chambers before the next fiscal year begins on July 1.  They will also be compiling a contingency
list of items to add or subtract in preparation for the next revenue estimate
that will be issued June 20.

The legislature returns to Dover on
June 7 and will wrap-up the 2016 legislative session on June 30.

Related Content: Small Business News | Delaware

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