The General Assembly’s state budget writers will have more latitude when they begin their work next month.
The most recent state revenue forecast issued by the non-partisan Delaware Economic and Financial Advisory Council (DEFAC) revealed a significant jump in the money expected to be in the state’s coffers at the start of the new fiscal year on July 1.
The forecasts, issued six times per year, are at the heart of the budgeting process. By law, the state can only spend up to 98% of projected revenues, so DEFAC’s predictions set a hard appropriations limit.
The latest forecast, issued in late December, showed an increase of more than $302 million in spendable revenue compared to the previous estimate published in October.
The December projection indicates that state officials will have $6.575 billion available for appropriations. To place that figure into context, in the current fiscal year, a total of $6.023.8 billion was appropriated through the state’s three “money bills” — the operating budget, the capital budget, and Grants-in-Aid — all of which set new records. Also enacted for the current fiscal year was a $378.6 million supplemental appropriations bill in “one-time” spending items.
Multiple House Republicans say that to curtail state spending growth and lessen the burden on working families, the state should responsibly return a large portion of the revenue surplus to citizens in the form of lower taxes. Several proposals have already been filed.
Public Meeting Calendar: State of Delaware
Joint Finance Committee
Joint Committee on Capital Improvement (Bond Bill Committee)
10:00 AM – 12:00 PM Thursday January 19, 2023
MEETING DESCRIPTION
Joint Committee on Capital Improvement (Bond Bill Committee)
Please be advised that the Bond Bill Committee will convene on Thursday, January 19, 2023, at 10:00 am for a bill drafting session. This meeting will be held in the Joint Finance Committee Hearing Room, Ground Floor, Legislative Hall. Future meetings will be scheduled as needed.
VIRTUAL MEETING INFORMATION
Members of the public may live-stream the meeting via a link found on the General Assembly’s website:
Commentary from Robert Overmiller on Delaware budget 2023
“The General Assembly’s state budget writers will have more latitude when they begin their work next month.
The most recent state revenue forecast issued by the non-partisan Delaware Economic and Financial Advisory Council (DEFAC) revealed a significant jump in the money expected to be in the state’s coffers at the start of the new fiscal year on July 1.
The forecasts, issued six times per year, are at the heart of the budgeting process. By law, the state can only spend up to 98% of projected revenues, so DEFAC’s predictions set a hard appropriations limit.
The latest forecast, issued in late December, showed an increase of more than $302 million in spendable revenue compared to the previous estimate published in October.
The December projection indicates that state officials will have $6.575 billion available for appropriations. To place that figure into context, in the current fiscal year, a total of $6.023.8 billion was appropriated through the state’s three “money bills” — the operating budget, the capital budget, and Grants-in-Aid — all of which set new records. Also enacted for the current fiscal year was a $378.6 million supplemental appropriations bill in “one-time” spending items.
Multiple House Republicans say that to curtail state spending growth and lessen the burden on working families, the state should responsibly return a large portion of the revenue surplus to citizens in the form of lower taxes. Several proposals have already been filed.”
