The panel that issues Delaware’s official financial forecast says the state has $43.5 million less revenue than the amount on which lawmakers based this year’s budget.
The Delaware Economic and Financial Advisory Council on Monday lowered its revenue forecast for the current fiscal year by $21 million compared to its June estimate. But when actions taken by lawmakers after the June forecast to shift money into the general fund are taken into account, the revenue difference between now and June more than doubles.
The panel also lowered its revenue forecast for fiscal 2018, which starts in July, by about $6 million, a change that equates to zero revenue growth over the next year based on current projections.
State budget officials will begin hearing funding requests from state agencies this fall.