Delaware Revenues Continue to Fall

406

The Delaware Economic and Financial Advisory Council met for the first time in this General Assembly session to look at the state’s revenues.  Secretary of Finance Rick Geisenberger tells WGMD the revenue picture has turned bleaker – from $350-million in the red in December to now about $385-million in the red.  He says the numbers are driven primarily by declines in the corporate income tax and increases in refund claims for unclaimed property.  DEFAC will meet three more times before the end of the General Assembly session – and the state budget is finalized.  Governor John Carney will release his proposed budget on Thursday – incorporating the findings from today’s meeting.