(Washington, DC) Chief Financial Officer Natwar M. Gandhi announced today that the District of Columbia's revised revenue estimate for the FY 2003 local general fund is $3,595,715,000. The estimate is $69.4 million less than last year's projection due to the impact of the Sept. 11 attacks and the economic recession that began last spring.
The FY 2003 estimate anticipates significant recovery from the recession of FY 2001-2002. The recession that began last spring is expected to end in the summer of 2002. The economic drag of the terrorist attacks on the District's revenue should end by the beginning of FY 2003.
"The District's economic recovery is expected to be gradual, like that of the national economy, but is aided by the planned opening of the new convention center facility in March 2003 and by the comparative strength of the local market for housing and commercial property," said Gandhi.
The revenue estimate for FY 2003 assumes 0.6 percent growth in employment in the city, a 1.7 percent increase in the number of residents employed, and population growth of 0.4 percent. Per capita income in DC is forecast to increase 4.3 percent, or 1.9 percent after adjustment for inflation.