The First State is facing a $350 million budget deficit as it enters the New Year.
That’s the word from the Delaware Economic and Financial Advisory Council yesterday.
This year the panel said there would be a $150 million shortfall and in the next the next fiscal year it would grow the around $200 million.
The Wilmington News Journal reports that Finance Secretary Thomas Cook said that the state was at a crossroads and would have to look at restructuring its revenue portfolio.
Governor Jack Markell will now use the numbers to fashion a budget of $3.9 billion that is around 5 percent less than the current budget of $4.1 billion.
