NEW CASTLE, Del. (AP) - A state panel has lowered Delaware's official revenue forecast once again, just days before Gov. John Carney unveils his budget proposal for the upcoming fiscal year.
The Delaware Economic and Financial Advisory Council on Monday lowered its revenue estimate for the current fiscal year by about $30 million compared to its December forecast.
The change was mostly due to lower projections for corporate income tax and abandoned property revenue.
Those same factors prompted the panel to lower its revenue estimate for fiscal 2018, which starts July 1, by about $6.5 million compared to its December forecast, when estimates for both years also declined.
Council Director Michael Jackson said he has informed Cabinet agency directors of various cost-cutting measures.
Jackson ordered an immediate hiring freeze for all Cabinet agencies and has directed officials to limit use of contractual services.
Purchase orders over $10,000 will be reviewed, and those deemed nonessential will be rejected.
The reviews will be completed in time for consideration of April's meeting of the DEFAC panel.
Carney will unveil his proposed budget for fiscal 2018 on Thursday.
