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Delaware financial forecast panel updates revenue estimates

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NEW CASTLE, Delaware — The panel that sets Delaware's official financial projections is updating revenue estimates lawmakers will consider as they work on a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council meets Monday, one month after lowering its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast. Leading that decline was a $70 million drop in estimated corporate income taxes.

But the council at the same time raised its revenue estimate for fiscal 2015, which starts July 1, by $67.5 million, largely based on a rebound of corporate income tax revenue.

The overall result left lawmakers and Markell administration officials with about $40 million less in general fund revenue available for fiscal 2015 than they thought they had in December.

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