The Republican leaders in the Delaware State Senate say the latest revenue forecast from the Delaware Economic and Financial Advisory Council shows that Delaware’s economy continues to be weak.
DEFAC’s final revenue forecast for this year reduced revenue estimates for Fiscal Year 2014 by about $3 million, but increased revenue by about $6 million for Fiscal Year 2015, leaving a deficit of nearly $150 million. Senate Minority Leader Gary Simpson of Milford says the numbers show that the economy is stuck, and that innovative approaches are needed to make the economy stronger. Simpson suggests giving some Republican initiatives a try, such as modifying the prevailing wage, or reducing the Gross Receipts Tax.
Senate Minority Whip Greg Lavelle says the DEFAC forecast shows that Delaware’s economic growth continues to lag behind the rest of the nation, and current economic development policies aren’t working.
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