Delaware revenue forecast declines

(file/NewsWorks)

(file/NewsWorks)

The panel that sets Delaware’s official revenue forecast has made life a little more difficult for state budget officials and legislative budget writers.

Meeting for the first time this year, the Delaware Economic and Financial Advisory Council on Monday lowered its revenue estimate for the current year by $39.4 million compared to its December estimate.

Most of the decline is attributed to lower estimates for abandoned property collections. But the panel also dropped its estimates for personal income, bank franchise and gross receipts taxes, as well as lottery and gambling revenue. An increase in corporate franchise taxes was not enough to offset the declines.

The panel also lowered its estimate for the fiscal year starting July 1 by about $7 million. The General Assembly reconvenes Tuesday after several weeks off.

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