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Mayor Bowser and CFO DeWitt Announce District’s FY 2014 Annual Financial Report

Friday, January 30, 2015
The fund balance has increased from $1.75 billion at end of FY 2013 to $1.87 billion at end of FY 2014

(Washington, DC) – Mayor Muriel Bowser and DC Chief Financial Officer Jeffrey S. DeWitt today released the District’s 2014 Comprehensive Annual Financial Report (CAFR). This report is the 18th consecutive clean audit for the District.

“This report has found that the District has maintained and enhanced its strong financial position. The District’s record as a fiscally responsible city is an asset to all residents,” said Mayor Bowser. “While we have a lot to be proud of, we still have a lot of work to do as we face a projected quarter billion dollar budget gap. In the coming weeks, my Administration will work with residents and the Council to put together a fiscally responsible budget that continues to invest in key priorities like education, job training and affordable housing. ”

“I would like to thank the Mayor and Council for their support and 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 18th consecutive clean audit for the District of Columbia,” said Chief Financial Officer Jeffrey DeWitt.  “The strong financial results not only demonstrate the District’s ability to manage its finances, but the financial discipline of its elected leaders. The financial markets can be confident in investing in the future development of our city.”

The CAFR found the following:

  • Total General Fund Balance now $1.87 billion, up from $1.75 billion;
  • Legally mandated local and Federal reserves will increase by $72 million to $863 million providing 45 days of operating funds;
  • Credit ratings were enhanced to AA by Fitch and Standard & Poor’s during FY 2014;
  • The major factor contributing to the improved financial condition was maintaining expenses below the budget; and
  • The strong end to FY 2014 demonstrates the District’s financial discipline to address future budget challenges.

The annual 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 financial books are in order, that the CAFR fairly presents the city's financials, and that the results of the city's fiscal year operations are in accordance with generally accepted accounting principles.

The CAFR is available on the Office of the Chief Financial Officer’s website cfo.dc.gov.