Mayor Vincent Gray has announced a significant surplus and sustained growth in the city’s fund balance. Gray and DC Chief Financial Officer Natwar M. Gandhi said the financial health of the city continued to improve through 2012 with one of the largest surpluses in recent history.
Gray said the city ended 2012 with a structurally balanced budget and $417 million more in revenues and savings than expenditures. “This is affirmation that our economic development strategies are working and shows that we are one of the nation’s most financially sound jurisdictions,” Gray said.
Gandhi praised Gray’s leadership for wise management of the city’s finances. “The District is in perhaps the best financial condition in its history. Our fund balance is in excellent shape and we are experiencing growth in both jobs and population and we are getting the best possible interest rates on our bonds. This is the result of the amount of teamwork with the mayor and city council to provide the city with excellent financial policies and administration,” Gandhi said.
The new Costco in DC is a good example of the wise planning that Gandhi referenced in his comments. The newest addition to the DC economy has been doing a boom business since its grand opening on November 29, 2012.
The economy in DC is turning around and there is more good news to come as the new Dakota Shopping Center is scheduled to open soon. 2013 will be a very good year.