3/28/2023 0 Comments Alternative to editready![]() ![]() With that last piece in mind though, I am left with a feeling of whether we’re getting all of the value for this extraordinary spending. It will build libraries and schools, invest in college campuses, conserve open space and ensure clean water, deploy body-worn police cameras and provide grants to move economic development projects forward. ![]() With that in mind, the governor has proposed an operating budget that is 4.6% larger than last year, above DEFAC’s last advisory benchmark level of 4% and setting a new record. The Delaware Economic and Financial Advisory Council also reported that the Carney administration would have nearly $825 million in extraordinary spending power in Fiscal Year 2023, falling between the benchmark minimum operating budget and the legal maximum 98% of anticipated revenues. As the saying goes, however, are we now being penny-wise and pound-foolish? As of the last public accounting, Delaware’s fiscal analyst board estimates that we’ll end the current fiscal year on June 30 with a surplus of about $577 million – not too shabby in any year. Carney’s fiscal prudence is a big part of why Delaware has fared so spectacularly through the rollercoaster COVID-19 pandemic and even beforehand, avoiding the budgetary pratfalls that were common in the early 2000s. That’s not a bad thing, and most business owners would pine to achieve such assurances while setting aside a few percentage points of revenue annually for a rainy day. John Carney recently released his Fiscal Year 2023 budget and it’s largely what we’ve come to expect from the Democratic leader who cut his teeth as the Carper administration’s finance secretary: acutely balanced, cautious in spending and deliberate in its priorities. ![]()
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