$4.2 billion is what next year’s total budget package will cost the state of Delaware.
State lawmakers and Gov. Jack Markell (D-Delaware) signed off on the 2015 operating, capital and grant-in-aid bills in the wee hours of Tuesday morning.
Markell stayed positive despite consistently falling revenues that lopped $60 million off of his budget he proposed in January.
“We worked together over the last six months to keep Delaware moving forward and we’ve done it responsibly with a balanced budget that adheres to our principles that have maintained our AAA bond rating,” said Markell.
The governor adds there are indications the economy is starting to rebound despite Delaware’s lackluster revenue situation.
“Investments that we’ve made with this General Assembly are paying off, our job growth has outpaced the national average now every month since the start of 2013 and more of our young people are getting a fair chance to reach their potential,” said Markell as he signed the budget bills around 4 am Tuesday.
The plan includes a $500 across-the-board raise for nearly every state employee beginning January 1st.
It was supposed to be a one percent bump beginning Tuesday, but the compromise was to defer extra costs by six months until the middle of the fiscal year.
Lawmakers also decided to forego Markell’s two key tax and fee hike proposals for transportation and waterway improvements, but those are expected to return in 2015.