The Economy Is Humming Again (At least, for Delaware)
While the vitality of the broader U.S. economy continues to be mixed, but improving, Delaware continues to revise (and revise) its financial revenue projections upward. According to a recent article in Bloomberg Businessweek (via the AP), the Delaware Economic and Financial Advisory Council recently increased its revenue estimate for the current fiscal year by 2 percent (or $63 million) and next year’s estimates by 3 percent (or $105 million). Among the reasons for the upward spike? That’s right, unclaimed property collections.
Regular readers of this blog may recall that just last month, Delaware announced that unclaimed property revenues were “well above” expectations. Well, that was last month. This month, according to the article, the proposed budget for the next fiscal year assumes “a $50 million increase . . . in expected abandoned property collections.”