Mendelson Highlight’s District’s 2019 Comprehensive Annual Financial Report

FOR IMMEDIATE RELEASE:                                                                      

Thursday January 31, 2019                                                                             

CONTACT: Lindsey Walton

COUNCIL CHAIRMAN MENDELSON HIGHLIGHTS DISTRICT’S COMPREHENSIVE ANNUAL FINANCIAL REPORT

WASHINGTON, DC — DC Council Chairman Phil Mendelson praised the District’s continuing fiscal health in light of the District of Columbia’s Comprehensive Annual Financial Report (CAFR) released publicly today.

“This report is both good news and bad. Of course, everyone will focus on the fact we ended last year with a surplus of $205 million.  Spending was within budget and revenue exceeded estimates. Great! However, the surplus has already been set aside for other purposes.

“Some was set aside for current-year needs. Additionally, our cash reserves have increased, and the total rainy-day fund has gone from 54 days to 58 days.  The 35-day federal government shutdown highlighted the importance of these rainy-day reserves.

“Our financial picture is healthy as there were no deficiencies or materials weaknesses in the District’s reporting.  Indeed, the District is in a stable place financially, but we must remain cognizant of our spending, especially in the wake of the recent partial government shutdown. 

“The Chief Financial Officer reported the District lost more than $11 million during the shutdown.”

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