DC’s Financial Challenges Remain, Even As its Budget Deficit Shrinks
The District’s economy and tax collections are doing better than projections in December, according to the Office of Chief Financial Officer’s (OCFO) February 26 revenue forecast but financial challenges remain.
Revenue: Advance Policies that Support an Equitable Pandemic Recovery
The Fiscal Year 2022 budget will be one of the most important in DC’s history. This year’s budget choices have the potential to address the ongoing damage and suffering caused by the pandemic, and to put DC on a path for a recovery.
DC Policymakers Must Make Bold Investments to Address Longstanding Educational Inequities
DC’s Fiscal Year (FY) 2022 budget should recognize the unprecedented harm and ongoing consequences of the health pandemic on students, educators, and families. DC policymakers have a once-in-a-lifetime opportunity to make substantial efforts to reduce […]
Is DC Really Using Several of Its Reserves as Rainy Day Funds?
DC’s budget for Fiscal Year 2021 shows that three of the District’s four reserves are fully funded. But the evidence is clear—the District is using only a small fraction of its reserves to address the harm of the pandemic.
Budget Principles for a Strong and Equitable Pandemic Recovery
As we move to vaccinate residents and hopefully emerge from the pandemic, our leaders must address the possibility of thousands of residents facing eviction, small businesses that may not recover, and students who have fallen behind. Yet DC’s finances and […]
District Financial Audit Shows Stratified Economy, but in a Strong Financial Position to Address Budget Deficit
The District is building up large budget surpluses and reserves while tens of thousands of residents and many small businesses are suffering, according to an annual audit of DC’s finances released last week.