Loose Lips

District Reports $321 Million Surplus

The District government will record a $321 million surplus for the 2013 fiscal year in its annual financial report thanks to higher revenues and lower agency expenses, according to city officials.

"The story is half of it's revenue, half of it's underspending," says Chief Financial Officer Jeffrey DeWitt.

$168 million of the surplus came from excess revenues, including $76 million in property taxes. $153 million of the surplus came through lower-than-expected expenses, including $82 million in special funds and $5 million in savings from a drop in children cared for by the Child and Family Services Agency. An expected drop in revenues from sequestration was mostly canceled out by a rise in private spending, according to officials.

But the hefty surplus doesn't mean there's a windfall to divvy up. Fifty-five percent of the surplus went to local reserves, 41 percent went to reserves for the District's debt, and 4 percent went to other reserves. One of those was the $112.1 million emergency fund that funded the District during the government shutdown.

Vince Gray's expected to talk more about the report at 10 a.m. DeWitt, meanwhile, says he can't stop reading the report.

“I keep looking at it and going, 'Wow, this is nice,'" DeWitt says.

Photo by Darrow Montgomery

  • drez

    How much of this is because Thompson (formerly $130 million/year in DC contracts) can no longer over bill the taxpayers and funnel money into shadow campaigns?

  • Tight Lips

    @drez a great question for Mayor Gray to ask!

  • Tight Lips

    *answer

  • neo/dino

    Deon, what did you say drez' name is?
    Is he still riding that bike around?
    Just asking.

  • schoolman

    It is highly unlikely that the Gray administration will identify the critical services that were underfunded to
    generate the $321 Million surplus.

  • Tight Lips

    @schoolman agreed, we need someone who is good with number that can explain to the residents how we collect money and utilize it. $321 million is a good number, but how can we use it to better the lives of DC residents.

  • NE John

    It is tyranny when a government taxes simply to amass cash, and of course, outright thievery.

  • Pingback: Mayor moneybags

  • cminus

    @NE John, it's entirely sensible for a government to bank a surplus when it can. If you want to compare government to a family, which is a very popular comparison these days, a government that never runs a surplus is like a family that lives paycheck to paycheck. A responsible government, like a responsible family, saves money when times are good so there's something to fall back on in the bad times.

  • Son of Washington

    Cminus

    Don't come in this forum trying to use logic. Folks like Drez, NE John and the other regulars don't like that. They wanna talk about how corrupt all of the local government folks who they continue to vote for are.

    Funny enough, most of them don't know how to read a damn budget, never have tried to read the budget and don't realize that if they would attempt to read that most of their questions could/would be answered.

    They just want to try to sound educated while not doing any research or knowing a damn thing.

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