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Increase in Projected Budget Surplus
DC Financial Responsibility and Management Assistance Authority
August 27, 1998




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August 27, 1998
CONTACT: Jim Davison

District of Columbia Financial Responsibility and Management Assistance Authority
Washington, D.C.

Increase in Projected Budget Surplus

Washington, D.C. —The District of Columbia budget surplus for fiscal year 1998 may reach $302 million. This is about $88 million higher than the $214 million amount estimated last February.

“If the latest projection is realized, the District’s accumulated deficit — which was $332 million at the end of the last fiscal year — would shrink to only $30 million,” said Dr. Andrew F. Brimmer, Chairman of the District of Columbia Financial Responsibility and Management Assistance Authority.

“The $88 million increase in the estimated 1998 budget surplus is due to a rise in sales and use, income, and deed tax revenue,” stated Mr. Earl C. Cabbell, Interim Chief Financial Officer of the District of Columbia. Continued strength in the national economy, fiscal recovery of the District government, and improved tax administration, all contribute to the $88 million increase.

The expected budget surplus of $302 million in 1998 would exceed last year’s surplus (which was $185 million) by $117 million.

Dr. Brimmer said he was particularly pleased to see that the Office of the Chief Financial Officer, under Mr. Cabbell’s leadership, has continued to enforce restraints on spending and maintain vigorous enforcement of collections.

Dr. Brimmer also said he was especially pleased to see the significant rise in revenue generated by the expanded volume of commercial real estate activity in the District. “Through my own economic and financial consulting business, I have been able to observe the substantial expansion and the inflow of capital market funds seeking investment opportunities in the District,” he said. “Investors are responding to the greatly improved environment that has emerged as the District has gotten its own financial house in order over the past 3 years,” he stated.

Finally, Dr. Brimmer stressed that, as the District’s revenue prospects have brightened, the Authority — in collaboration with the Interim CFO — has taken special care to assure that the restrictions on expenditures would not be relaxed. Consequently, the goal of restoring — and maintaining — the fundamental financial stability of the District, will be achieved.

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