Short legislative hall

GOP’s Short: State budget needs oversight, too, if hospitals must have it

Betsy PriceGovernment, Headlines

A Sussex County state representative plans to introduce a bill that will hold lawmakers to the same rules its Democrat members want to set for hospitals: Holding budgets to benchmark. State Rep. Danny Short, R-Seaford, and other Republicans have repeatedly said during House and Senate hearings and debates that the state wants to hold hospitals to a rule it won’t …

benchmark

Panel: Keep state budget benchmark, make it part of code

Betsy PriceGovernment, Headlines

A state review panel will recommend that Delaware not only keep a budget benchmark appropriation that limits the growth of the state budget, but also put it into law. The Delaware Economic and Financial Advisory Council‘s Benchmark Evaluation and Review Panel also agreed to suggest that incoming legislators undergo training in how the state budget works. DEFAC chairman Michael Houghton …

DElaware budget surplus 2024

Delaware still expects $963.5 surplus for 2024 budget

Betsy PriceGovernment, Headlines

Delaware heads toward the final moves in creating its 2024 budget, which starts July 1, with a projected $963.5 surplus. It will be the third straight year in a row of extraordinary revenues that hit right at $1 billion, and a turbulent economy it’s expected to be the last for a while to reach that stratospheric height. Revenue estimates rose …

ratings

Here’s what goes into keeping Delaware’s AAA ratings

Betsy PriceGovernment, Headlines

The way Delaware handles its budgets, a growing population and efforts to diversify the state economy all help the state continue to earn a AAA bond rating, which means the state pays less when it wants to borrow money. For example: The state received bids last week for its upcoming sale of $380 million of triple-A rated General Obligation Bonds …

Delaware revenue growth is down in real estate transfer, corporate and personal income, among other things.

Revenues fall slightly as state noses into post-COVID economy

Betsy PriceGovernment, Headlines

Delaware may have passed the peak of a rise in post-covid revenues, the Delaware Economic and Financial Advisory Council heard Monday. Financial experts call that peak an “inflection point,” akin to that moment when roller-coaster riders feel a brief lift in their tummies before the coaster takes a plunge. That doesn’t mean the state’s finances will plunge. Only that they …

Recession

State: $677M surplus projected for 2024, but recession looms

Betsy PriceGovernment, Headlines

Delaware economic experts on Monday predicted a budget surplus of $667.1 million for fiscal year 2024, but warned the state is likely already in a recession that could affect that forecast. During the meeting of the Delaware Economic and Financial Advisory Council, revenue officials said they expected announcements that a recession either started last week or will this week. The …

State revenues stable for 2022, but worries for 2023, 2024

Betsy PriceGovernment, Headlines

Photo/Getty Images   Buoyed by personal and corporate income taxes, as well as real estate transfer taxes, predicts of Delaware’s 2022 revenues, and therefore its state budget, remain stable.  But state fiscal experts expect the financial good times to slow as the state enters its fiscal year 2023 on July 1. With three months left in the 2022 budget, the …

State raises budget prediction to include more revenue, $823.8 million surplus

Betsy PriceGovernment, Headlines

The state is on track to have a huge surplus. Photo by Brian K. Leonard. September 2021   Fueled by stronger than expected corporate and personal income tax, a state committee is now forecasting that Delaware will have an $823.8 million surplus in its 2023 budget. Michael Houghton, chairman of the Delaware Economic and Financial Advisory Council on Monday called …

State’s 2022 budget includes $1,000 bonus for employees, $500 for pensioners

Betsy PriceGovernment, Headlines

  With Delaware’s revenue surplus holding steady at $1.12 billion, state budget bills dropped into the General Assembly Friday include a one-time $1,000 bonus for state employees and $500 bonus for pensioners. State employee expenses will soar in Fiscal Year 2022, which starts July 1, according to the final expenditure and revenue estimates by members of the Delaware Economic and …

Bill to lower income tax fails in committee, but one to cut real estate tax passes

Betsy PriceGovernment, Headlines

A bill to lower the state’s real estate transfer tax will go to the House of Representatives passed a committee Wednesday. Two Republican bills designed to take advantage of Delaware’s flush revenues found different fates Wednesday in the House Revenue and Finance Committee, with one failing to gain traction and the other earning unanimous support. The first was House Bill …