(Washington, DC) District of Columbia Chief Financial Officer Natwar M. Gandhi has certified a revised revenue estimate for fiscal years 2005 through 2009. The estimate for fiscal year (FY) 2006, which begins October 1, is $51.7 million more than the estimate certified in June, bringing the total expected general fund revenues for FY 2006 to $4.751 billion.
In a letter to Mayor Anthony A. Williams and Council Chair Linda W. Cropp, Gandhi credited the additional revenues to stronger than expected growth in individual and corporate income taxes as the Districts economy continues to strengthen. Gandhi also cited additional revenue from interest income as the Federal Reserve continues to boost interest rates.
Hurricane Katrina could have effects on the Districts revenue picture, said Gandhi. Increases in energy costs and inflationary effects of the storm will likely be felt here. Gandhi added there is the possibility some of those effects could be lessened by an increase in conventions and tourism, with New Orleans being temporarily closed to those industries.
For a copy of the latest revenue estimate, as well as prior issuances, visit the Revenue Estimates page.