New revenue estimate shaves 45 million dollars from state's bottom line
Balancing the First State’s budget just got a bit more difficult for lawmakers.
The latest revenue estimate from Delaware Economic and Financial Advisory Council or DEFAC cut $45 million from the state’s bottom line as the General Assembly works to build the state’s Fiscal year 2016 spending plan.
A $25 million drop in abandoned property collections in the current fiscal year was the biggest budgetary dent in DEFAC’s first forecast since December.
DEFAC also reduced its estimates for personal income tax, bank franchise tax and lottery revenues. There was some growth in the franchise tax paid by state’s incorporating in Delaware.
The full General Assembly returns to work Tuesday in Dover.