Delaware’s expected revenue is down nearly $22 million. That’s in addition to last month’s $45 million reduction in anticipated state income.
Members of the Delaware legislature’s budget-writing committee will have to sharpen their pencils again following another decline in projected revenues for the upcoming fiscal year.
On Monday, the Delaware Economic and Financial Advisory Council, which sets the official revenue forecast, lowered its estimate of revenue available for fiscal 2016 by $21.7 million compared to last month, when the estimate fell by $45 million.
The latest revision means revenue estimates have fallen about $67 million since Democratic Gov. Jack Markell proposed a $3.9 billion budget in January.
Higher corporate income tax refunds and lower expectations for the gross receipts tax on businesses contributed to the latest downward revisions. Republican Senate Minority Leader Gary Simpson of Milford said the latest numbers indicate that it’s time to take a serious look at cutting the cost of state government.