NEW CASTLE, Del. — The panel that sets Delaware’s official revenue forecast has bumped up its projections as lawmakers prepare to begin drafting a budget for the upcoming fiscal year.
The Delaware Economic and Financial Advisory Council on Monday increased its estimate of revenue available for the upcoming fiscal year by about $13 million, even though the forecast for personal income tax revenue for the current and next fiscal years declined by $24.5 million.
The overall increase in available funds is due to some $52 million in reversions of unspent appropriations that budget officials expect by the start of the new fiscal year July 1.
The latest revisions leave Gov. John Carney and lawmakers facing an estimated $382 million shortfall between expected revenue and expected expenses for fiscal 2018, based on current-year funding.