PLEASE NOTE: They have been submitted for DEFAC’s ...

PLEASE NOTE: The projections contained in this package are NOT official. They have been submitted for DEFAC's consideration.

Final projections may differ based on the outcome of DEFAC's deliberations.

30

25

20

15

10

5

0

2005

2006

2007

2008

2009

June 18, 2021

General Fund DEFAC FORECAST

SUMMARY

DEFAC FORECAST SUMMARY

$ Amounts in Millions

June-21

ECONOMIC OUTLOOK

2021 lifted by stimulus plans Bright economic outlook from vaccination and re-opening

GDP US Employment DE Employment

Average FY18-20

1.4 0.4 -0.1

Annual % Change

FY 21

FY 22

FY 23

1.9

7.3

2.3

-2.8

4.8

2.2

-2.1

5.3

1.7

REVENUE UPDATE

NET GENERAL FUND ANNUAL GROWTH RATES

FY 20 FY21 (Est) FY22 (Est) FY23 (Est)

$4,525.8 $5,353.0 $5,124.9 $5,088.8

-1.4%

18.3%

-4.3%

-0.7%

MAJOR CHANGES SINCE LAST MEETING

Personal Income Tax Unclaimed Property Refunds Insurance Taxes

TOTAL CHANGE

FY 21 $61.1 $25.0 $11.5

$93.5

Unclaimed Property Refunds Personal Income Tax Gross Receipts Tax

TOTAL CHANGE

FY 22 ($50.0) $13.0 $8.4

($27.0)

EXPENDITURE UPDATE

FY 21 Estimate $4,502.9

COMPARISON VERSUS DEFAC's last meeting FY 2020 Actual Expenditures

$ Change ($43.9) ($11.0)

% Change -1.0% -0.2%

Appropriation Limit

FY 22 BUDGET OUTLOOK

$5,978.1

COMPARISON VERSUS DEFAC's last meeting Since Governor's FY 22 Recommended Budget Current Budget (FY 21)

$ Change % Change

$71.5

1.2%

$822.9

16.0%

$1,431.1 31.5%

General Fund

Balance & Appropriations Worksheet

FY 2021 EXPENDITURES

Total Spending Authority

Less: Continuing Appropriations & Encumbrances from FY 2021

$5,068.2 ($518.8)

Less: Reversions

($46.5)

Total Expenditures

$4,502.9

Budget

FY 2021 BUDGET

$4,547.0

Grants

Supplemental

Total Appropriations Plus: Continuing Appropriations & Encumbrances from Prior Years

Total Spending Authority

$54.5 $35.4 $4,636.9 $431.3 $5,068.2

Balance and Appropriations Worksheet

June-21 FY 2021 BALANCES

Total Expenditures

$4,502.9

FY 2022 APPROPRIATION LIMITS

FY 2022 Revenue Estimate

$5,124.9

vs. FY 2021 Revenues

Operating Balance

Prior Year Cash Balance Less: Budget Stabilization Fund (82 Del Law c 64; HB 225, Section 77)*

5,353.0 850.1 959.4 ($63.1)

Unencumbered Cash Balance from FY 2021 100% Appropriation Limit 98% Appropriation Limit Prior 98% Appropriation Limit

$975.2 $6,100.1 $5,978.1 $5,906.6

Cumulative Cash Balance Less: Continuing Appropriations & Encumbrances from FY 2021 Less: Budgetary Reserve Account

Unencumbered Cash Balance 6/30

1,746.4 (518.8)

($252.4) $975.2

Increase (Decrease) from Prior Meeting Oct. 2020 98% Appropriation Limit Increase (Decrease) from October 2020

$71.5 $4,952.8 $1,025.3

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