With Markells support, a new committee will begin a review of Delawares tax base next month. The new panel is being formed by the Delaware Economic and Financial Advisory Council, the public-private committee that produces revenue estimates for state government.
Meeting on Monday, DEFAC predicted tax revenues would be off $17 million over the next two years. Markell and lawmakers must use the committees estimates when compiling the annual budget.
Joshua Martin, a Delaware lawyer and chairman of DEFAC, said the new committee will report back to the General Assembly and Markell by spring 2015.
The Delaware economy has seen good growth but that growth is not reflected in our revenues, said Martin, who will chair the panel. Too many of our revenue sources are becoming too difficult to forecast and manage.
Ken Lewis, a University of Delaware economics professor who will also serve on the new committee, said the group will consider recommendations for new taxes, as well as ways to broaden taxes already imposed by the state.
Nothing is off limits, Lewis said.
Well consider anything, Lewis said. We want to explore all of our options, understand all our options.
*Correction: Cost of teachers salaries and other personnel costs are up 73 percent since 2004. That number was miscalculated in an earlier version of this story.