DEFAC says Delaware Revenue Estimates in October Lower than June

The Delaware Economic & Financial Advisory Council (DEFAC) met on October 20 to update the state’s revenue projections for the current and future state fiscal years. According to DEFAC, the current fiscal year’s revenue estimates have decreased from the last revenue update in June.

The October revenue forecast for the current year, FY 2026, decreased from the June DEFAC forecast of $6.782 billion to $6.684 billion, a decrease of $98.8 million, or -1.46%. This decrease is primarily attributable to reductions in corporate income tax collections. However, the decrease was slightly offset by projected increases in realty transfer tax and dividends and interest.

The October revenue forecast for FY 2027 also decreased from the June DEFAC forecast of $6.871 billion to $6.823 billion, a drop of $47.8 million, or -0.7%. This decrease is primarily attributable to projected ongoing decreases in corporate income tax, insurance taxes and fees and lottery collections, but also included increases in personal income tax, unclaimed property, and realty transfer tax.

The next DEFAC meeting is scheduled for December 15th.