Delaware panel to update revenue forecast

The panel that sets Delaware’s official revenue projections is meeting to update its financial projections.

Friday’s meeting of the Delaware Economic and Financial Advisory Council is the panel’s last before the start of a new fiscal year on July 1.
State lawmakers will use the updated figures to put the finishing touches on a budget for fiscal 2013.

Last month, the panel lowered its revenue estimates for the current fiscal year by about $47 million compared to its April estimate.

But that decline was more than offset by an increase of about $110 million over April in projected revenue for the upcoming fiscal year. The bulk of that increase involved higher estimates for corporate income taxes and abandoned property collections.