State panel updates Delaware revenue forecast

NEW CASTLE — A state panel has added more than $80 million to Delaware’s government revenue estimate as lawmakers prepare to begin drafting a new budget.

The Delaware Economic and Financial Advisory Council on Monday increased this year’s revenue estimate by more than $64 compared to April’s projections, thanks largely to corporate franchise and income taxes.

The revenue estimate for fiscal 2019, which starts July 1, increased by more than $16 million compared to April’s estimate, with corporate franchise taxes again playing a large role.

The legislature’s Joint Finance Committee begins a two-week series of bill drafting sessions Tuesday.

Lawmakers indicated that the additional revenues could be used for one-time expenditures in the upcoming fiscal year, for which Gov. John Carney is calling for a 3.5 percent increase in the ongoing operating budget.

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