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CFO Warns of Uncertain Financial Picture; Promises Close Monitoring of Situation

Friday, October 17, 2008
Chief Financial Officer Natwar M. Gandhi told city council that “uncertainty” is the dominant characteristic of the District’s and the nation’s economic outlook.

(Washington, DC) - Chief Financial Officer Natwar M. Gandhi, on Friday, October 17, told City Council that “uncertainty” is the dominant characteristic of the District’s and the nation’s economic outlook. 

Gandhi certified, with some conditions, the mayor’s plan to close the projected $130.7 million budget gap.

Gandhi promised close monitoring of the financial situation until the December revenue projections are completed and throughout the current financial crisis and said he would keep the mayor and council informed of significant developments.

“Uncertainty dominates,” Gandhi told the council.  “By the time of the December estimates we will: 1) have a clearer sense of where the stock market is likely to end up for the year; 2) have new data and forecasts for the US and DC economies, and know better how much the effects of the financial turmoil are spreading to the real economy; and 3) know how the District revenues fared for FY 2008, the base year from which forecasts for FY 2009-2012 are made.”

Noting that “spending pressures,” projections above what were initially estimated in the FY 2009 budget, are contributing to the negative financial picture, Gandhi said that it takes two or three months of actual expenditures to provide the accurate numbers for a precise analysis and that it is only two weeks into the fiscal year. 

“It is imperative that the District government monitor the spending pressure situation very closely and take necessary action shortly after the December revenue estimates are released,” Gandhi stated.