(Washington, DC) - The audit of the Comprehensive Annual Financial Report (CAFR), the annual audit of the District’s finances, gives the District an unqualified “clean” opinion for the 13th consecutive year. For the year ending September 30, 2009, the District balanced its budget by limiting its expenditures to available revenues and other planned sources. 

The Independent Auditors’ Report on Internal Control Over Financial Reporting (known as the Yellow Book report) which accompanies the CAFR shows no material weaknesses, compared to two for FY 2008, and three significant deficiencies, down from four last year.

Chief Financial Officer Natwar M. Gandhi said, “The absence of material weaknesses and reduction of significant deficiencies demonstrate the sound management of the District’s finances.” 

“The District’s financial performance in FY 2009 was due to the hard work and diligence of the Mayor and City Council,” Gandhi added, “and in these very uncertain times this record of fiscal responsibility is reassuring to the city’s residents and Wall Street alike.”

Gandhi noted that the deepening recession is bringing reduced revenues, rising unemployment and projected revenue shortfalls in fiscal years 2010, 2011 and 2012.

“However, the positive record of fiscal management and careful planning for the future provide safeguards for the coming years,” Gandhi stated.

View the CAFR.
View the Yellow Book.