Found Property: Delaware Revenue Estimates Are Up, But Deficit Persists

Newman, Emily
June 2003
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p5
Trade Publication
Abandoned property became very lucrative for the state of Delaware during the year 2003. That became clear when the Delaware Economic and Financial Advisory Council, which held its last meeting of the fiscal year this week, raised revenue estimates for fiscal 2003 by $17.6 million, due to an $18 million increase in abandoned property that was offset by small losses in other areas. But even though DEFAC—which formally estimates state revenues — raised its estimates by $75 million since last June, the state is left with a deficit. That deficit, which was narrowed from $300 million to $250 million following optimistic May revenue estimates by DEFAC, still remains a serious structural problem for fiscal 2004, according to many members of Governor Ruth Ann Minner's administration. The House on Tuesday passed some of the tax increases that Minner supported, to the tune of about $144.5 million in new revenue. Those include a 31-cent cigarette tax hike to 55 cents, an increase in business fees generating roughly $24 million, and a larger corporate franchise tax that is expected to generate $76 million.


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