Wards 2 and 6 Come Out on Top in Economic Development Spending
Last year, the Chief Financial Officer issued the first comprehensive report on where the city spends its economic development dollars—ranging from tax incentives to revenue bonds to outright grants and contracts. For fiscal year 2010, Ward 6 was the winner by several miles, landing $128.5 million out of the $326 million total.
This year, the haul was a little more evenly distributed, with Wards 2 and 6 taking about $43 million each (taking out debt service on the Convention Center and Nationals Ballpark, which most people wouldn't think of as current spending).
Ward 3, notably, got nothing. That's a little misleading, though, because it doesn't take into account all capital spending—construction of schools, parks, recreation centers, and libraries don't count as "economic development," and Ward 3 got plenty of those.
The total pot this year was smaller, at $278 million in expenditures, bonds, and foregone tax revenue to last year's $327 million. But a lot more has been teed up for the out years: $1.034 billion to the $804 million in last year's pipeline. Under that scenario, Ward 1 comes out about even with Ward 2, at $403 million and $404 million respectively on account of a projects taking advantage of D.C.'s revenue bond program (as well as the $42 million tax break for a hotel in Adams Morgan).
In honor of tax day's rapid approach, read through a list of everyone who got your money here.