Mike Houghton, Chair of DEFAC, Quoted on State of Delaware Declining Revenue Estimates Amid COVID-19 Pandemic Uncertainty
On April 20, the Delaware Economic and Financial Advisory Council (“DEFAC”) lowered the state’s official government revenue projections as the coronavirus pandemic continues to wreak havoc with national and state economies.
DEFAC is charged with providing advice to the Governor and the Secretary of Finance on Delaware’s overall financial conditions. Members of the council agreed that the current situation remains very tough and the financial trend Delaware faces is unpredictable. “The fact is, we don’t know very much,” said DEFAC chair Michael Houghton. “We will incrementally know more over the next two months.”