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District Ends FY 2005 With $1.6 Billion Fund Balance

Wednesday, February 1, 2006
The District's Comprehensive Annual Financial Report shows a balanced budget and clean audit opinion.

(Washington, DC) Mayor Anthony A. Williams and Chief Financial Officer Natwar M. Gandhi today released the District of Columbia government’s fiscal year 2005 Comprehensive Annual Financial Report (CAFR), showing the District ended FY 2005 with a $1.6 billion fund balance and a $370 million general fund surplus.

This is Mayor Williams’ ninth balanced budget as Mayor and as the District’s previous Chief Financial Officer.

“Our city’s financial recovery, in and of itself, is a remarkable achievement, but the real good news is that our increased resources have allowed us to fund the programs that our residents have said are critically important to them – programs that have helped improve their safety, their health and their education,” said Mayor Williams.

The CAFR includes an unqualified, “clean” audit opinion and strong improvements for the District’s bond ratings on Wall Street. The District earned its highest bond rating - A+ - from Standard and Poor’s early in FY 2006. In June, the District was awarded an upgrade from Fitch to A from A-.

“Our growing credibility on Wall Street should be encouraging to all District residents,” said Dr. Gandhi. “It means that we will all benefit from lower borrowing costs for important projects, including Mayor Williams’ New Communities initiative, his Way to Work program and his Great Streets project.”

“Another successful year for the District’s finances means a year ahead of careful decision-making on using those resources for the most important issues facing the District,” said Council Chair Linda W. Cropp. “This is a remarkable time for the District. I look forward to leading my fellow councilmembers in meeting the challenge of maintaining a healthy bottom line while delivering improvements to our schools, health care and neighborhoods.”

“An A+ performance for the District’s fiscal management,” said Council Committee on Finance and Revenue Chairman Jack Evans. “This is good news that brings great prospects for the District, including the opportunity to improve our schools in ways that have never been available to us before. The financial credibility given us through the leadership of Mayor Williams will go a long way toward making the District an even better place to live, to work and to invest in the future.”

While the District’s fund balance and surplus remain healthy, Dr. Gandhi has previously warned the Mayor and councilmembers of fiscal challenges in the year ahead, as projects will bring the fund balance to nearly half its current number.

“The District is expected to hold on to its current strength, but we will proceed through FY 2006 with our eye on the national economy, interest rates and the local real estate market, which has fueled much of this year’s strong performance,” said Dr. Gandhi.

The District’s fiscal year 2005 CAFR and audit opinion were produced under the auspices of BDO Seidman, LLP.

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