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District Marks 10th Consecutive Balanced Budget

Wednesday, January 31, 2007
The District of Columbia closed FY 2006 with a $325 million budget surplus and a $1.4 billion fund balance.

(<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /?>Washington, DC)  Mayor Adrian M. Fenty and Chief Financial Officer Natwar M. Gandhi today released the District of Columbia government’s fiscal year 2006 Comprehensive Annual Financial Report (CAFR), which shows the District delivered its tenth consecutive balanced budget. The District closed the year with a $325 million budget surplus and a $1.4 billion fund balance.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

 

The FY 2006 CAFR includes an unqualified, or “clean,” audit opinion. The District also retains its highest ever bond ratings, with solid investment grades of “A+” from Standard and Poor’s, “A2” with a positive outlook from Moody’s, and “A” with a positive outlook from Fitch.

 

“We have the challenge in the year ahead to keep the fiscal ship stable,” said Mayor Fenty. “Strong fiscal management will be the standard for this administration. I appreciate the hard work of the past decade to bring us to where we are today, and I pledge to keep the momentum going.”

 

“The city’s economy is expected to remain strong, but there are areas of concern and cause for fiscal caution,” said Dr. Gandhi. “We have to watch what we borrow and spend, and we have to work on the structural imbalance that continues to challenge the city’s financial foundation.”

 

“The success in the preceding fiscal year must be continued into next year,” said Council Chair Vincent C. Gray. “We will have a carefully crafted budget that brings needed improvements throughout the District without compromising our financial stability.”

 

“The District’s credibility in the bond markets is going to be very important in the year ahead,” said Council Committee on Finance and Revenue Chairman Jack Evans. “We have an ambitious agenda of projects, which includes critical improvements to schools, and we need that strength on Wall Street to get the job done.”

 

The fiscal year 2006 CAFR and audit opinion for the District of Columbia were produced under the auspices of BDO Seidman, LLP.