In what’s become a quarterly tradition around these parts, Chief Financial Officer Natwar M. Gandhi announced this afternoon that projected city revenues over the next few years are again being revised downward.

The bottom line: The mayor and council have to find at least $190 million to balance this year’s budget, which runs until Sept. 30. (That number may rise; the CFO has identified $87 million in overspending, too, but that can be offset by underspending and other cuts yet to be identified.) Finding the money, actually, isn’t hard: The city’s budget reserve can cover it, but at least half would have to be paid back in the next year’s budget.

And for that budget, passed by the council last month, they’ll have to find another $150 million in cuts even without having to refill the reserve. Add that in, and it’s at least $245 million.

Read More “District Revenues Keep Falling, Gandhi Says” »

Yesterday, the Washington Post printed some very obvious news to anyone who’s been on South Cap. Street in the past year: Nationals Park hasn’t sparked much revitalizing in Southwest. The city spent $1 billion in infrastructure upgrades and developers have made huge holes in the ground and left a lot of buildings still vacant.

As the article states, District residents weren’t just sold a new stadium paid for with public dollars. No. As an old story noted, they were sold the “Stadium District”–a full-service community of new retail and new museums and new parks. The city hasn’t come close to a Stadium District. Last week, Fisher wrote about the missing neighborhood as well.

What spilled forth in Sunday’s A1 article was a lot of excuse making on the part of city officials and developers.

My favorite:

“It just so happens that implementation is occurring during the worst economic downturn in recent history. So things are going to struggle a little bit,” said Neil O. Albert, the District’s deputy mayor for economic development.

Really? This effort had been planned for years–long before the recession and banking collapse. The reasons Nationals Park hasn’t revitalized the neighborhood are too numerous. But let me try.

Read More “Nationals Park: No Revival Yet. Here Are A Few Reasons Why” »

Not a lot of folks are getting good news from Wall Street these days, but the District got a little something nice today.

The Office of the Chief Financial Officer is announcing this evening that Standard & Poor’s, one of three outfits that rate municipal debt, has given the District a “AAA” rating on a recent bond issue. That’s S&P’s top mark.

In a statement, CFO Natwar Gandhi calls it “a gilt-edged rating.”

Now it’s not quite accurate to say that the new rating represents a rise in the District’s credit rating, since S&P is passing judgment on a new type of debt instrument, something called income-tax-secured revenue bonds only recently authorized by the D.C. Council. But according to City Administrator Dan Tangherlini, this bond issue is “practically the same as” and “will do the same work of” general-obligation bonds—whose ratings are most commonly cited when referring to the District’s creditworthiness.

Read More “District Gets AAA Bond Rating” »

Go right now to D.C. Wire and read what reporter Dan Keating turned up in a records request: Harriette Walters kissing Nat Gandhi’s ass months before her $50 million embezzlement scheme was discovered. David Nakamura provides some context.

In April 2007, Gandhi decided not to accept an offer to become Amtrak’s CFO, and he told his employees in an e-mail about his decision. Walters replied to that e-mail, writing, “Sir, I would like to say thank you for keeping us inform of a decision that would have impacted the employees within the CFO Cluster. I appreciate that you respected us to provide follow up to the recent news reports that we read and heard over the pat week. Thank You!”

Replied Gandhi, “Thank you. Keep up the good work.”