Del. Lowers Revenue Estimate by $2.6 Million - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Del. Lowers Revenue Estimate by $2.6 Million

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NEW CASTLE, Del. (AP) – The Delaware Economic and Financial Advisory Council lowered its revenue estimate for the current fiscal year by $2.6 million, compared to September's estimate.

The panel met Monday and made only minor tweaks to its final revenue forecast.

Gov. Jack Markell's budget officials will use the revised numbers to prepare his budget proposal that will be introduced in January.

The $11.5 million increase in projected revenue from corporate franchise and related taxes this year was offset by a reduction of $10 million dollars in estimated corporate income tax revenue. A $6 million refund of abandoned property taxes and $3 million reduction in gambling revenue compared to September's estimate also led to the downward revision.

Many of the changes were carried over to the projections for fiscal 2015, which starts July 1. The DEFAC panel increased its overall revenue estimate for next fiscal year by $5.7 million, based largely on higher estimates for real estate transfer taxes. In a sign of a strengthening housing market, projections for realty tax revenue are in the $60 million range for the current and upcoming fiscal years, an increase of about 50 percent from the $42 million collected last year.

Despite only minor net revisions in the official revenue estimates Monday, the amount of money available for appropriation increased by $42 million compared to September's estimate, to $3.81 billion. Officials attributed the increase in available funds to reversions of previously appropriated money that won't be spent.

 

 

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