Panel Updates Official Delaware Revenue Forecast - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Panel Updates Official Delaware Revenue Forecast

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NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue forecast is meeting to update its projections for the current and upcoming fiscal years.

Monday's meeting of the Delaware Economic and Financial Advisory Council comes one month after it made its first update of the year, lowering its revenue estimate for the current year by $39.4 million compared to its December estimate.

Most of last month's decline was attributed to lower estimates for abandoned property collections, and officials have signaled that abandoned property revenues may likely be downgraded again on Monday.

Lawmakers rely on DEFAC's projections to develop the state budget. The panel will provide two more monthly updates before lawmakers finish work on a budget for the fiscal year starting July 1.

The General Assembly reconvenes Tuesday after a spring break recess.

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