Delaware State Chamber of Commerce President Michael Quaranta urged the Joint Finance Committee to transfer $125 million to state reserves for additional financial security and certainty regarding the future of state finances. 

“With exceptionally good forecasted numbers coming from DEFAC, the General Assembly should seize this opportunity to better prepare the state for inevitable economic downturns and subsequent budget shortfalls. Setting aside $125 million of additional revenue to meet a goal of $350 million, the approximate size of our last budget shortfall, is prudent and good stewardship of the public’s money.” 

The opportunity presented to the General Assembly to preserve and protect Delaware’s long-term finances in this economy, if implemented, will go a long way to guard against the disruptive impact of reduced state spending combined with a down economy on business and nonprofits.