Panel boosts official Delaware revenue estimates

NEW CASTLE — A state panel has boosted Delaware’s official government revenue estimates yet again as lawmakers prepare to begin drafting a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council on Monday increased its revenue estimate for this year by $40.7 million compared to last month’s forecast. Virtually all of the increase was attributable to personal income taxes.

The panel boosted its estimate for the fiscal year starting July 1 by $38.1 million, mostly due to personal income taxes and unclaimed property.

The new revenue estimates come one day before legislative budget writers begin marking up Democratic Gov. John Carney’s proposed $4.4 billion operating budget for fiscal 2020.

Since June, revenue estimates have climbed by $200 million for this year and by roughly $102 million for next year.

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