MONEY

DOVER, Del. (AP) — A state panel has boosted Delaware’s government revenue forecast but lowered its estimate for the fiscal year starting July 1.

The Delaware Economic and Financial Advisory Council, which sets the state’s official revenue estimates, on Monday boosted its revenue forecast for this fiscal year by $62 million compared to its March forecast. Much of the gain is due to higher personal and corporate income tax projections. Those increases were partially offset by lower corporate franchise tax estimates, higher personal income tax refunds, and dips in business entity fees and dividend and interest revenue.

For fiscal 2024, the panel reduced its estimate by about $51 million compared to the March forecast. The change was due to a $71 million decline in estimated dividend and interest income, partially offset by a slight uptick in corporate income tax projections.

Members of the legislature’s budget-writing committee will use the latest estimates as they begin marking up Democratic Gov. John Carney’s proposed $5.5 billion general fund operating budget for next year. That’s an increase of more than 7% over the current year, and does not include a one-time “supplemental appropriation” of $325 million for the operating budget.