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It's Official- District Closes FY 1999 With 86.4 Million Surplus and Third Clean Opinion

Saturday, April 29, 2000

Washington DC - Valerie Holt, Chief Financial Officer of the District of Columbia, today announced the official results of the FY 1999 Comprehensive Annual Financial Report (CAFR). The District finished FY 1999 with a $ 86.4 million surplus in the General Fund. The District's FY 1999 surplus is the third in a row and supports the "new spirit" felt throughout the city. Additionally, the auditors gave the city an unqualified opinion, the third such consecutive opinion for the city. The release of the CAFR with the clean opinion clearly shows the District is financially well positioned for the end of its required four-year "control period" and the return to normal government.

The District's good news does not stop with the healthy bottom line and clean opinion. For the first time ever, the District set aside $35 million to reduce its long-term debt burden. The District exceeded its budget proposal to set aside $30 million for reduction of the city's debt. Also, for the first time, the District has achieved another important measure of a fiscally sound government. The District's General Fund balance for FY 1999 is $198.9 million. This amount is more than 4% of the projected General Fund expenditures for fiscal year 2000.

Holt stated: "The District earned its good results through the hard work and dedication of the entire government under the Mayor's leadership." She also thanked the staff of the Office of the Chief Financial Officer (OCFO). "This is the District first audit under the new SOAR System. During this process, we have identified a number of improvements that need to be made in the system to insure that the FY 2000 audit process can occur on schedule with a clean opinion. Preparation for the FY 2000 closing process is already underway. All of us in the OCFO are looking forward to working with the Mayor, the Council, and the Financial Authority to implement the necessary changes. "

Mitchell and Titus, LLP conducted the independent audit in association with Bert Smith and Co. under a 3-year contract arrangement with the city's Inspector General.