Little change in official Delaware revenue forecast

 

NEW CASTLE  — Delaware’s revenue forecast remains virtually unchanged as the time approaches for lawmakers to begin marking up Gov. Jack Markell’s proposed $4 billion budget for the fiscal year starting July 1.

The Delaware Economic and Financial Advisory Council on Monday lowered the official revenue projection for the current fiscal year by about $9 million, and for next fiscal year by about $6 million.

The changes are essentially insignificant, amounting to a fraction of a percent in an annual $4 billion budget.

The revisions were due mostly to slightly lower corporate income tax projections, down $5 million for each year compared to March estimates.

Officials also decreased estimated revenue from business entity fees by about $4 million for each year, which one official attributed to a lackluster market for initial public offerings.

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