HB 370

This Act codifies the Delaware Economic & Financial Advisory Council (“DEFAC”) which has existed by Executive Order since 1977. It is known and may be cited as the “DuPont-Cook Financial Responsibility Act.” The purpose of this Act is to preserve DEFAC’s current structure while strengthening continuity, transparency, and clarity. DEFAC consists of at least 25, but no more than 34, members. Two members are appointed by the Speaker of the House from each caucus and 2 members are appointed by the Senate President from each caucus. The remainder are appointed by the Governor from the public and private sector. The Governor must appoint at least 12 members to DEFAC. The following serve as ex officio members: the Controller General, Director of the OMB, Secretary of Finance, Secretary of State, Secretary of Transportation, Secretary of DHSS, Joint Finance Committee Co-Chairs, and State Treasurer. The duties of DEFAC are as follows: (1) Meet in March, May, June, October, and December of each year, and on other such occasions as deemed necessary by the Governor or the Chairperson. (2) Serve in a general advisory capacity to the Governor and the Department of Finance. (3) Advise the Governor, the Secretary of Finance, and Legislative Council on: (a) The overall financial condition of the State of Delaware; (b) Current and projected economic conditions and trends, particularly as they effect the expenditures and revenues of the State, its citizens, and its major industries; and (c) The tax policy of the State and the impact of federal tax policies. (4) Submit to the Governor, the Secretary of Finance, the Controller General, and the General Assembly, by such dates as required by § 6534(a) of Title 29, General Fund and Transportation Trust Fund revenue and expenditures. (5) Submit to the Governor, the Secretary of Finance, the Controller General, and the General Assembly, not later than December 31 of each year, estimates on the General Fund and Transportation Trust Fund revenue and expenditures. (6) Perform such other duties and responsibilities imposed upon it by the Delaware Code. (7) Prepare an annual report, summarizing DEFAC’s activities throughout the year, including forecast accuracy and key fiscal risks identified, no later than December 31, for distribution to the Governor and the General Assembly. The DEFAC Healthcare Spending Benchmark Subcommittee is also established. State agencies must provide DEFAC financial and staffing support, as determined appropriate by the Secretary of Finance.