AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE DELAWARE ECONOMIC & FINANCIAL ADVISORY COUNCIL TO BE KNOWN AS THE DUPONT-COOK FINANCIAL RESPONSIBILITY ACT.

This Act is a substitute for House Bill No. 370. This Act differs from HB 370 in that it adds a provision for the selection of the DEFAC Co-Chair, authorizes designees for the ex officio members, clarifies a provision relating to DEFAC meetings proceedings, and makes several technical corrections. This Act also differs from HB 370 by making the effective date July 1, 2026, or upon enactment, whichever is later. Like HB 370, this Act codifies the Delaware Economic & Financial Advisory Council (“DEFAC”) which was initially created by Executive Order No. 5 in March 3, 1977, and has continued through several executive orders issued since 1977. This Act is known and may be cited as the “DuPont-Cook Financial Responsibility Act.” The purpose of this Act is to preserve DEFAC’s structure under executive order while strengthening continuity, transparency, and clarity. DEFAC consists of at least 25, but no more than 34, members. The Speaker of the House of Representatives and the Senate Pro Tempore each appoint 2 members, 1 from each caucus. The Governor appoints the remaining members, from the public and private sectors, and must appoint at least 12 members. The following serve by virtue of their positions: the Controller General, Director of the Office of Management and Budget, Secretary of Finance, Secretary of State, Secretary of Transportation, Secretary of the Department of Health and Social Services, 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 occasions that the Governor or DEFAC Chair deem necessary. (2) Serve in a general advisory capacity to the Governor and Department of Finance. (3) Advise the Governor, 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 affect the expenditures and revenues of the State, its citizens, and its major industries. (c) The tax policy of the State and the impact of federal tax policies. (4) Submit to the Governor, Secretary of Finance, Controller General, and General Assembly, by the dates required under § 6534(a) of Title 29, the General Fund and Transportation Trust Fund revenue and expenditures. (5) Submit to the Governor, Secretary of Finance, Controller General, and General Assembly, not later than December 31 of each year, estimates on the General Fund and Transportation Trust Fund revenue and expenditures. (6) Perform other duties and responsibilities imposed upon it in 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 General Assembly. This Act also establishes the DEFAC Healthcare Spending Benchmark Subcommittee. Under this Act, state agencies must provide DEFAC financial and staffing support.