Committee hears bill to codify Delaware Economic and Financial Advisory Council

Chair Senator Dave Scola presented House Bill 370, the measure to codify the Delaware Economic and Financial Advisory Council, saying the act would preserve the council established originally by executive order in 1977 and strengthen continuity, transparency and clarity. He said the council would have at least 25 but no more than 34 members, meet at least four specified times each year and submit annual estimates on the general fund and transportation trust fund by Dec. 31, along with an annual report addressing forecast accuracy and key fiscal risks.

The chair also described a Healthcare Spending Benchmark Subcommittee established under the bill and said state agencies would be required to provide DFAC with data and staffing support. He said House Amendment 1 corrects a ‘‘co-chair’’ reference to ‘‘vice chair,’’ clarifies vice-chair duties and makes technical and procedural fixes to meeting procedures and data assistance.

Senator Pettyjohn said he supported codifying DFAC and praised the council’s history, saying, "This is a good idea, and it's an idea whose time should have happened before now," and that formal codification would help strengthen forecasts used for state budgets and reassure bondholders. The committee recorded no public commenters on substitute 1 for House Bill 370 and staff told members the bill would be circulated to committee members for further review.

The committee did not take a vote during the meeting; the bill was circulated for additional consideration and possible future action.