DEFAC drops revenue estimates

A panel that sets Delaware's financial projections has lowered revenue estimates for the current and next fiscal years.

The Delaware Economic and Financial Advisory Council met on Monday and lowered its fiscal 2014 revenue estimate by $8 million, compared to its June estimate.

Finance Secretary Tom Cook says most of that drop was a result of declining expectations for lottery income.

"For Fiscal Year 2014, we are looking at the lottery being down $10 million to a level of $227.1 million over a $3.7 billion revenue source," Cook says.

Estimated revenue for FY 2015 also dropped by $16 million compared to DEFAC's June estimate, with lower expectations for lottery revenue and corporate franchise and income taxes.

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