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 …

a small clock tower in the middle of a road

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 …

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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 …