A delay circuit has a fixed delay path at a lower voltage level, a level converter, and an adjustable delay path at a higher voltage level. The fixed delay path includes an inverter chain, and the adjustable delay path includes serially-connected delay elements selectively connected to the circuit output. In an application for a local clock buffer of a static, random-access memory (SRAM), the lower voltage level is that of the local clock buffer, and the higher voltage level is that of the SRAM. These voltages may vary in response to dynamic voltage scaling, requiring re-calibration of the adjustable delay path. The adjustable delay path may be calibrated by progressively increasing the read access time of the SRAM array until a contemporaneous read operation returns the correct output, or by using a replica SRAM path to simulate variations in delay with changes in voltage supply.