(a) The Governor shall submit to all members of the General Assembly and the Controller General an estimate of anticipated General Fund revenues by major categories for the current and next immediate fiscal year. Such report shall be made not later than October 25, December 25, March 25, May 25, and June 20.
(b) (1) Anticipated General Fund revenue estimate figures must be reported as net, i.e., anticipated refunds for overpayments of taxes and fees required by Delaware state law must be subtracted by major categories for the current and next immediate fiscal year from gross estimates of anticipated General Fund revenues.
(2) The Secretary of Finance shall report such revenue refund disbursements on all financial statements issued by the Department of Finance. Further, estimates of fiscal year revenues and disbursements prepared by the Delaware Economic and Financial Advisory Council (or its successor entity) shall follow this procedure.
(3) The Delaware Economic and Financial Advisory Council shall review the report described in § 8305(6)b. of this title and shall, based on such review and any other information as the Council deems appropriate, approve by majority vote no later than May 25 of the year following the issuance by the Division of Revenue of the report an estimate of the revenue loss to the State caused by tax preferences as that term is defined in § 8305(6) of this title.