Washington, DC

(Washington, DC) –Today, the DC Government released the revised revenue estimates for the District of Columbia Budget and Financial Plan. This followed the release of our most recent 28th consecutive clean annual audit that demonstrated our strong financial standing, including our Aaa bond rating, fully funded pensions, and 52 days cash on hand in our reserves. The revenue forecast reflects the significant impacts of federal job losses. The revenue forecast is revised downward by $1.01 billion across the four-year financial plan. In response, Mayor Bowser released the following statement:
 
“The real-life impacts of federal job losses will be felt in many ways, here in Washington, DC, throughout the National Capital Region, and across the country. Today’s estimates show the significant financial impact on Washington, DC, and with this estimate, we will need to significantly reshape our upcoming budget proposal. In addition to building the best infrastructure for the federal workforce, we have attracted great private sector opportunities in our city – hospitality and tourism, education and health care, sports and entertainment, technology and so much more. Now, more than ever, we need to be strategically focused on investing in the growth of our local economy to bring more good-paying jobs, companies, and economic activity to DC. We will work with our colleagues on the Council to ensure we make it through this together.”
 

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