Press Release: Council Chairman Mendelson Statement on District’s Annual Comprehensive Financial Report

News Release — DC Council Chairman Phil Mendelson

FOR IMMEDIATE RELEASE:

CONTACT: Lindsey Walton

Wednesday February 2, 2022

WASHINGTON, DC — DC Council Chairman Phil Mendelson highlighted the importance of the release of the District of Columbia’s Annual Comprehensive Financial Report (ACFR).

“This is our 25^th annual clean audit opinion,” Mendelson said. “We ended last year with a $697 million surplus. Of this, $283.2 million will be put automatically into the affordable housing that so many residents desperately need, via the Housing Production Trust Fund.”

“Additionally, our Federally and locally mandated reserves (working capital/liquidity) are full at 60 days. This is remarkable considering many states are still recovering from the economic hit taken throughout the pandemic. However, Covid-19 continues to impact employment and business activity, particularly the leisure and hospitality sector (restaurants, hotels).

“I am hoping the Executive uses our surplus to increase funding for our schools. If she does not do this in her budget proposal, I will ask the Council to do so. We must continue to prioritize education and increase equity for all District students.”

The Council will hold a public hearing on the ACFR on Thursday February 3^rd at 1:30 pm.

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