NEW CASTLE, Del. (AP) - Delaware's official government revenue forecast has inched up as state officials begin laying the groundwork for developing a budget proposal for next year.
The Delaware Economic and Financial Advisory Council on Monday boosted the revenue estimate for this year by $27.4 million compared to its previous estimate in June. The panel increased its forecast for next year, fiscal 2020, by $12.2 million.
Coupled with changes to tax laws approved by the General Assembly, the revenue forecasts have increased by $43.3 million and $34.4 million, respectively, compared to the revenue resolution lawmakers used in approving this year's $4.3 billion operating budget in late June.
The major change in this year's estimate was a $29 million bump in abandoned property collections, which also increased by $10 million in next year's updated projections.
