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Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 1 Washington, DC Economic.

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Presentation on theme: "Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 1 Washington, DC Economic."— Presentation transcript:

1 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 1 Washington, DC Economic Partnership February 2, Pennsylvania Avenue, NW Suite 203 Washington, DC (202)

2 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR Control Period Revitalization Act -$518 million District of Columbia Surplus and Bond Rating History $890 million General Obligation Bond Ratings S&P:A- BBB-BBBBBBB BBB+ A-AA+ Moody's:Baa Ba Ba2Ba1 Baa3 Baa1 A2 A1 Aa2 Fitch:A-BBB+BB BB+ BBB BBB+A- AAA+ AA- Income Tax Secured Revenue Bonds: S&P: AAA Moody's: Aa1 Fitch: AA+ 2

3 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 3 Composition of General Fund Balance FY 2007 – FY 2010 ($ in millions)

4 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 4 Congressionally Mandated Emergency (2%)/Contingency (4%) Cash Reserves Rainy Day Funds ($ in millions) Reserve requirement reduced

5 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR 5 8-1/3% = one month’s expenditures Unreserved/Undesignated Fund Balance Plus Congressionally Mandated Emergency/Contingency Reserves as a Percent of Next Year’s Budgetary Expenditures Total Working Capital ($ in millions) $364.1$338.0$339.2$428.9$431.6$ % 8.3% 7.5% 8.6% 8.1% 6.5% FY 2010 represents 20 days Operating Expenditures. $415.7$ % 5.0% 5.5% $337.9

6 Government of the District of Columbia Office of the Chief Financial Officer Natwar M. Gandhi, Chief Financial Officer FY 2010 CAFR High Needs and Restricted Tax Base = Structural Imbalance  The District has a large share of very poor and needy citizens  Overall poverty rate is 17%  Child poverty rate is 26%  Costs of service delivery in the District are 123 percent of national levels; capital costs (buildings) are 1.5 times national average  Unlike other jurisdictions, the District cannot divert resources from wealthier suburban areas to serve the poor  District is prohibited from taxing income earned by non-residents – 66% of total income is earned by non-residents, mostly daily commuters to the city  District has especially high concentration of non-taxable real property; value of property held by the federal government is 30% of non-residential property values  Because of the inability to tap these resources, residents must shoulder a disproportionate share of the costs of public services, while the benefits are shared by a much larger community  Danger is that, should revenues continue to decline, District services could be severely impaired 6


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