Delaware revenue up slightly, still below budget proposal

(FILE/NewsWorks)

(FILE/NewsWorks)

Legislative budget writers will have a little more money to work with than previously thought.

Legislative budget writers will have a little more money to work with than previously thought following an increase in Delaware’s projected revenues for the fiscal year starting July 1.

The panel that sets the official revenue forecast increased its estimate of revenue available for fiscal 2016 by about $18.5 million on Monday, following a decline of about $22 million last month. The higher revenue projections are due almost entirely to increased estimates for corporate income taxes, along with slight upward adjustments in real estate transfer and cigarette taxes.

Despite the latest uptick, revenue estimates are still down about $48 million since Democratic Gov. Jack Markell proposed a $3.9 billion budget in January.

Lawmakers will begin marking up Markell’s budget proposal on today.

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