Mayor Bowser and CFO DeWitt Release 2015 CAFR; First Report with No Material Weaknesses or Significant Deficiencies
(Washington, DC) – Mayor Muriel Bowser and Chief Financial Officer Jeffrey S. DeWitt today released the District’s 2015 Comprehensive Annual Financial Report (CAFR).
This is the 19th consecutive year in which the District received a clean audit opinion. Also noteworthy, for the first time the audit found no Material Weaknesses or Significant Deficiencies in the central government. Therefore there is no Yellow Book accompanying this report.
“This report confirms that the District’s finances are strong – and getting stronger,” said Mayor Muriel Bowser. “My Administration is committed to building on our successes by implementing sound fiscal policies that will create more pathways to the middle class while attracting new residents and businesses to the District.”
Chief Financial Officer Jeffrey DeWitt said, “The District’s strong financial position and the fact that there are no major issues demonstrate the District’s superior management of its finances. The findings of this year’s comprehensive audit are a result of the hard work and dedication of the city’s elected leadership as well as agency program managers throughout the government. I want to thank the Mayor, City Administrator, Council and the Inspector General for their collaboration and support. And, I want to recognize the employees of the Office of the Chief Financial Officer for all of their hard work in preparing this important annual report and achieving the 19th consecutive clean audit for the District of Columbia.”
The FY 2015 CAFR results:
- Clean/Unqualified Audit Opinion
- No Yellow Book Findings. No Material Weaknesses or Significant Deficiencies
- General Obligation Bond Rating Upgraded by Moody’s
- Extraordinary revenues funded necessary settlements, future budget priorities, and increased cash levels to reduce short-term borrowing.
- General Fund Balance increased to $2.17 billion, of which $984.8 million is required reserves, $421.3 million are required debt service reserves, and $761.1 million is obligated for currently budgeted expenditures.
- Federally and Locally Mandated Reserves increased to $985 million (49 days of operating expenses)
- Pension and Retiree Health Care Trusts are well-funded
The CAFR is prepared by the Office of the Chief Financial Officer (OCFO). The OCFO ensures that the CAFR is released each year on time and with a clean opinion from the city's independent auditors. A clean opinion indicates that the District's finances are in order, that its financial statements fairly presents the city's financial position, and that the results of the city's fiscal year operations are in accordance with generally accepted accounting principles.
The CAFR is available here.