Delaware Senate OKs Tax Hikes, $120 Million for Bond Bill

Newman, Emily
June 2003
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p37
Trade Publication
In two moves that bring some relief to the financially-pressed state, the Delaware Senate on June 19, 2003 passed all the tax increases already approved by the U.S. House, a measure that will generate nearly $145 million, and approved the addition of $120 million to the 2004 bond authorization bill. The bond bill helps to fund the state's construction projects. Ruth Ann Minner had proposed the state transfer $7 million to the bond bill from the general fund, that transfer grew by $114 million. The Delaware Economic and Financial Advisory Council, which formally estimates state revenues, in the week preceding June 20, 2003 raised its revenue estimates for fiscal 2003 by $17.6 million, an increase of roughly $75 million from last June's forecast. The General Assembly has been considering Delaware's proposed $392.4 million fiscal 2004 bond bill, which mainly funds the state's Department of Transportation and local school construction projects.


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