As Delaware’s state lawmakers move to draw up a budget for the next fiscal year, a state government panel has raised its estimates of how much casinos will make in in fiscal 2019.
The Delaware Economic and Financial Advisory Council last week boosted the revenue estimate for this year by $27.4 million compared to its previous estimate in June. The panel increased its forecast for next year, fiscal 2020, by $12.2 million.
Revenue forecasts have increased by $43.3 million and $34.4 million, respectively, compared to the revenue resolution used by lawmakers in approving this year’s $4.3 billion operating budget in late June.
“It continues to reflect the strength of Delaware’s economy,” state budget director Michael Jackson said of the updated forecast in an interview with the Associated Press. “Going forward, we’ll continue to plan prudently for budget sustainability.”
Jackson said agency budget requests for next fiscal year are due by Oct. 15, followed by public hearings starting in early November. Democratic Gov. John Carney will then present his budget proposal in late January.
The new revenue projections come on the heels of a tax cut for Delaware’s three casinos, which are struggling amid increased competition from Maryland and Pennsylvania.
