State Treasurer Ken Simpler offered support for a bill introduced June 12, House Bill 460, which seeks constitutional amendments to address Delaware’s systemic fiscal difficulties and long-term budget challenges.
“HB 460 reforms 40-year old fiscal practices and policies that are failing to meet the needs of our citizens in a manner that is certain, sustainable and sufficient,” said Simpler.
The legislation is a result of recommendations issued last month by a bipartisan Advisory Panel to the Delaware Economic and Financial Advisory Council. The bill is sponsored by Democrats and Republicans from both chambers of the general assembly.
Critical components of HB 460, including new spending controls and a budget stabilization fund, require the legislature to amend the state Constitution. Under Delaware law, such legislation must be approved by super-majorities of two consecutive general assemblies. Failure to take up the legislation in the current session would delay any potential reform until 2021 or later.
“With the current general assembly adjourning on June 30, our window of opportunity is limited to a few weeks,” said Simpler. “We owe it to Delawareans to act now.”
A new section of the website for the Office of the State Treasurer has been developed to provide background for HB 460, including the recommendations of the Advisory Panel, resources to learn more about the proposal, and a number of frequently asked questions.