Delaware revenue forecast increases once again

Delaware is looking at an additional increase in revenue of about $47 million for the current fiscal year and for 2012, a state panel announced Monday.

 

The Delaware Economic and Financial Advisory Council increased its estimate for 2011 by $23.5 million and another $24.1 million for the fiscal year starting July 1.

That marks the third consecutive increase this year and puts the total projected revenue increases since Gov. Jack Markell made his January budget proposal at more than $360 million.

Finance Secretary Tom Cook says the revenue surplus is a pretty good sign that the economy is recovering. But he cautions there is still a long way to go.

“We’re on the right path,” he said. “But I think we have to refrain from just taking this money and declaring good times are here again. We need to continue to invest in job creation and to be fiscally responsible when we do invest this money.”

Officials attributed the increases largely to an improved outlook for personal income taxes in both years, $20 million for 2011 and $22 million for 2012. Cook says personal income tax revenue is still well behind pre-recession levels.

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