WASHINGTON – New revenue estimates released by Chief Financial Officer Dr. Natwar M. Gandhi show an additional $107 million in District revenues for Fiscal Year 2011, and an additional $77.2 million for Fiscal Year 2012, Mayor Vincent C. Gray announced today. The increase, driven primarily by commercial property taxes, is the second consecutive revenue increase projected by the Chief Financial Officer, and suggests that the economic recovery continues in the District of Columbia. The new revenue estimates represent a 4.9% increase over those released by the Office of the Chief Financial Officer in February of 2011.
“The District of Columbia continues to financially outperform so many jurisdictions in the United States,” said Mayor Gray. “I am pleased to see our fiscal prudence yield such positive results.”
The new projections follow the recently passed Fiscal Year 2012 Budget and Financial Plan, which specified that future new revenues be used to finance expenditures that did not fit within the original budget.
Mayor Gray and the Council of the District of Columbia will continue to work collaboratively to ensure the District allocates the additional revenue in the best interest of District residents while maintaining a structurally balanced budget.
Details regarding the revised June revenue estimate are located on the OCFO’s website cfo.dc.gov under CFO NEWS.