Signed by Governor Matt Meyer

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Delaware Economic and Financial Advisory Council.

Highlights:

• Establishes the Delaware Economic & Financial Advisory Council (DEFAC) under state law, replacing its existence under executive order, and preserves the council’s existing structure (Sec. 1). 

• Establishes DEFAC membership of 25-34 members drawn from the public and private sectors, with the following makeup (Sec. 1):

• 12-21 members appointed by the Governor;

• 4 members appointed bipartisanly by legislative leadership; and

• 8 ex officio members including the Secretary of Finance and the State Treasurer.

• Requires DEFAC to meet at least 5 times per year and advise the Governor and Department of Finance on the state’s financial condition and economic trends (Sec. 1).

• Requires submission of annual revenue and expenditure estimates for the General Fund and Transportation Trust Fund (Sec. 1). 

• Establishes the DEFAC Health Care Spending Benchmark Subcommittee, to be chaired by a DEFAC member with health care expertise and to include health economists, quality improvement experts and members of the General Assembly (Sec. 1). 

• Specifies that this act takes effect immediately upon passage (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Delaware Economic and Financial Advisory Council.

Highlights:

• Establishes the Delaware Economic & Financial Advisory Council (DEFAC) under state law, replacing its existence under executive order, and preserves the council’s existing structure (Sec. 1). 

• Establishes DEFAC membership of 25-34 members drawn from the public and private sectors, with the following makeup (Sec. 1):

• 12-21 members appointed by the Governor;

• 4 members appointed bipartisanly by legislative leadership; and

• 8 ex officio members including the Secretary of Finance and the State Treasurer.

• Requires DEFAC to meet at least 5 times per year and advise the Governor and Department of Finance on the state’s financial condition and economic trends (Sec. 1).

• Requires submission of annual revenue and expenditure estimates for the General Fund and Transportation Trust Fund (Sec. 1). 

• Establishes the DEFAC Health Care Spending Benchmark Subcommittee, to be chaired by a DEFAC member with health care expertise and to include health economists, quality improvement experts and members of the General Assembly (Sec. 1). 

• Specifies that this act takes effect immediately upon passage (Sec. 2).

Full Bill Text