A state panel has increased Delaware’s revenue forecast for the current and upcoming fiscal years.
The Delaware Economic and Financial Advisory Council on Monday boosted its current year revenue estimate by $12.5 million compared to its May projections. The revenue estimate for fiscal 2018, which starts July 1, increased by $13.5 million.
Adding reversions of unspent funds, available revenue for fiscal 2018 increased by $27.4 million. That still leaves a gap of more than $350 million between estimated revenue and proposed spending for next year.
Meanwhile, budget talks between Republican and Democratic legislative leaders have bogged down amid disagreements over spending cuts and proposals to increase taxes on Delawareans.
Democratic leaders told the legislature’s budget committee last month to halt its work amid public outcry about proposed spending cuts.