Mission and Function
The mission of the Office of Finance and Treasury (OFT) is to efficiently and effectively manage the financial assets and liabilities of the Government of the District of Columbia. This includes receiving, safekeeping, investing, disbursing, recording, and acquiring District financial resources. The core financial assets are cash and equivalents and accounts receivable, and the core financial liabilities are debt and accounts payable. In carrying out this mission, it is essential that OFT provides high-quality, customer-friendly service to its internal customers, as well as OCFO agencies, other government external customers (other government agencies and the public).
Debt Management, Economic Development Finance, and Grants Management
- The Debt Management Unit provides for the issuance of bonds, notes, and other financing vehicles for the District, so that it can finance capital infrastructure projects and help ensure seasonal cash needs.
- The Economic Development Finance (EDF) Unit provides for the issuance of Tax-Increment Financing (TIF) and Payment in Lieu of Taxes (PILOT) financing, including the evaluation, structuring and ongoing management of TIF and PILOT debt. EDF also provides financial analyses of certain tax abatements and exemptions, prepares the annual Unified Economic Development Report, and advises on financial matters related to the District’s economic development.
- The Grants Management Unit manages the cash and accounting of District agencies' federal grant drawdowns.
- The Cash and Investment Management Unit is responsible for the District’s liquidity by ensuring there is enough cash available at all times to meet its business operation and capital program obligations, and maximize investment returns. It also ensures strong custodial care and safeguarding of cash through implementing and monitoring policies and procedures for the handling and management of the District’s cash and investments.
- The Retirement Management Unit provides for the management of the District-run retirement plans and college savings plan.
- The Unclaimed Property Unit administers the rules and regulations pursuant to the District of Columbia Uniform Disposition of Unclaimed Property Act of 1980, as amended. This office is responsible for the record-keeping and maintenance activities for all personal property, tangible and intangible, reported and delivered into the custody of the mayor pursuant to the act. This office is also responsible for the verification and payment of claims against unclaimed property to the proven owner(s).
Banking and Operations
- The Central Collections Unit (CCU) was established pursuant to the Delinquent Debt Recovery Act of 2012. It provides for the collection of outstanding debts owed to the District that is more than 90 days past due.
- The Payment Operations Unit provides check-printing and disbursement services for District agencies so that they can fulfill their payment obligations.
- The Electronic Banking Services Unit manages electronic banking services for all District agencies.
- The Banking Services Management Unit, in accordance with the District government law titled: Financial Institutions Deposit and Investment Amendment Act of 1997 (DC Law 12-56), manages and monitors banking services provided by financial institutions holding deposits and disbursing funds on behalf of the District government.
- The Revenue Collections/Cashiering Operations Unit provides revenue collection services, including cashiering at various District sites.
Biographies of Key Staff
- Deputy CFO and Treasurer: Carmen Pigler
- Associate Treasurer for Banking and Operations: Vacant
- Associate Treasurer for Asset Management: Benedict Richardson
- Associate Treasurer for Debt and Grants Management: Darryl Street
Office of Finance and Treasury
1101 4th Street, SW
Washington, DC 20024