Press Release: Councilmember McDuffie’s Statement on the December 2020 Updated Fiscal Forecast

News Release — Ward 5 DC Council member Kenyan McDuffie

For Immediate Release: December 30, 2020

Contact: Jonathan McNair

Washington, D.C. — Today, Councilmember Kenyan R. McDuffie, Chair Pro Tempore of the Council and Chair of the Council Committee on Business and Economic Development, released the following statement on the DC Chief Financial Officer’s updated revenue estimate:

“District CFO Jeffrey DeWitt just provided the Mayor and Council with an updated financial forecast for the FY21 budget, projecting an additional revenue increase of $171.1 million from the September estimates. This reflects a total upward revision of over $393m since the FY21 Budget. Despite this improvement, the District still faces a projected $461.8 million shortfall for the FY21 – FY24 financial plan, that will require the Council to maintain a disciplined approach to our budget authority.

Critically, this forecast also highlights that our recovery must remain focused on supporting residents and workers who have been the hardest hit during this recession. Low-wage earners have seen their incomes disappear, the hospitality industry has been especially hard hit, and sales tax revenues are down 45 percent from pre-COVID revenue.

While tonight’s projections reflect optimism that the federal relief package and the start of vaccination rollouts are starting to improve budget forecasts, we must continue to support residents in need as we bring about an equitable recovery.”

You can view the December CFO revenue estimate at cfo.dc.gov

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