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Delaware financial panel downgrades state's official revenue projections

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NEW CASTLE, Delaware — The panel that sets Delaware's official revenue projections has made minor downward revisions for the current and upcoming fiscal years.

The Delaware Economic and Financial Advisory Council on Monday shaved $4.2 million from its previous general fund estimate for this year. That does not take into account a net $59 million that was added to the panel's previous estimate after lawmakers took money from other revenue categories in late June to balance this year's budget.

A major factor in the panel's downward revision Monday is that state officials expect to reunite more seized abandoned property with its owners than previously thought.

Higher abandoned property refunds, coupled with lower expectations for gambling revenue, also factored in a $7.5 million cut in the revenue estimate for the fiscal year starting next July.

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