Delaware revenue forecast mostly unchanged

(AP) – Delaware’s revenue forecast for the current fiscal year is down by about $38 million, but the decline is mostly offset by a corresponding increase for the new fiscal year starting in July.

Higher refund estimates that more than offset a projected increase in corporate income tax revenue, coupled with a decrease in projected abandoned property collections, prompted a state panel on Monday to lower its revenue forecast for this year.
    
But abandoned property projections for next year were boosted by $40 million, equal to the projected decline for this year, based on the postponement of a scheduled audit.
    
The result is a $33 million net gain in projected fiscal 2017 revenue, compared to the panel’s December estimate.
    
The update comes as lawmakers continue work on a fiscal 2017 budget.