PRESS RELEASE

FOR IMMEDIATE RELEASE:

February 1, 2017
CONTACT:
Susana Castillo (EOM) (202) 727-5011; susana.castillo@dc.gov
David Umansky (OCFO) (202) 727-0058; david.umansky@dc.gov

Annual Report Shows Districts Continued

Positive Growth Under Bowser Administration
(WASHINGTON, DC) Today, Mayor Muriel Bowser and Chief Financial Officer Jeffrey
DeWitt released the Comprehensive Financial Audit Report (CAFR) and announced that
Washington, DCs finances are in excellent shape with all indicators showing positive growth.
Since coming into office, one of my Administrations top priorities has been the
implementation of sound fiscal policies, said Mayor Bowser. This report confirms that as we
implement programs to expand opportunity and build safer, stronger neighborhoods in all
eight wards, DCs finances not only remain in good order, but continue to improve.
This is the 20th consecutive year that Washington DCs CAFR has received a Clean/Unqualified
opinion from independent auditors, and the second consecutive year with no material weaknesses
or significant deficiencies.
All financial indicators show that the citys financial position is the best in its history. We now
have $1.165 billion in liquidity, which covers 56 days of the citys operations, very near the
optimal level for a city of our size and complexity. This allowed us, for the first time, to fund all
cash flow needs without short term borrowing, said DeWitt. The outstanding results of the
audit are a tribute to the commitment and hard work of the Mayor and Council, the OCFO staff
and all District employees to sound fiscal policies and day-to-day operations.
DC residents should be comforted that the District has very healthy finances and strong
financial management of programs and services that we all rely on. DCs solid financial position
is a testament to the work of DCs elected officials and our Chief Financial Officer. This
means the District is better suited than many cities to address major challenges, like affordable

housing, and to prepare for federal budget cuts that seem likely to come, said Executive
Director of the DC Fiscal Policy Institute Ed Lazere.
Among the CAFR findings are:

The citys pensions continue to be fully funded and present no risk to the citys fiscal
health.
The District has set aside $387 million in emergency and contingency cash reserves and
$778 million in fiscal stabilization and cash flow reserves for a total of $1.165 billion. This
amount is sufficient to fund 56 days of government operations.
All of the Districts bond ratings remained strong.
Strong growth in all areas of the Districts revenues sources resulted in an increase of 5.6
percent from 2015 to 2016.
The unemployment rate fell from 7.2 percent in September 2015 to 6.1 percent in
September 2016.
The audit indicated no Material Weaknesses or Significant Deficiencies (No Yellow
Book).

As mayor, I set out to strengthen DC's economy and eliminate waste, fraud and abuse from our
government, said former Mayor Anthony Williams. Mayor Bowser has now taken that baton,
running at full speed to get our fiscal house in order and deliver unprecedented results for the
District and its residents.
Washington, DC has come a long way in the past twenty years - a clean audit with no material
weaknesses or deficiencies for a second year is a testament to the continued commitment of
effective and responsible governing by Mayor Bowser and her Administration. The citys fiscal
strength is a great indicator for its ability to govern itself, said President and CEO of Venture
Philanthropy Partners Carol Thompson Cole.
The CAFR is prepared by the Office of the Chief Financial Officer (OCFO). The OCFO ensures
that the CAFR is released each year on time and with a clean opinion from the city's independent
auditors. A clean opinion indicates that the District's finances are in order, that its financial
statements fairly present the city's financial position, and that the results of the city's fiscal year
operations are in accordance with generally accepted accounting principles.
The CAFR will be available on the Office of the Chief Financial Officers website cfo.dc.gov.