DOVER, Del.- The Delaware Economic and Financial Advisory Council released its latest revenue forecast Monday, projecting $6.733 billion in state revenue for fiscal year 2027.
The estimate is $365 million higher than DEFAC’s projection two months ago and will guide the state’s upcoming budget. By law, Delaware can spend no more than 98% of projected revenue.
DEFAC issues six revenue estimates each fiscal year. Monday’s report is the second and will help shape the governor’s proposed operating and capital budgets, set to be unveiled next month. Lawmakers will use the projection as a starting point when crafting the final state budgets in February.
The report also notes that Delaware’s Rainy Day Fund and Budget Stabilization Fund remain intact at $366 million and $469 million, respectively.
In a statement, Delaware's House Republican Caucus said while the forecast is welcome news, lawmakers should remain cautious. They said state spending has grown rapidly over the past four years and urged that reserves remain untouched.