Mayor, CFO Celebrate $417 Million Budget Surplus

The surplus funds will be added to the District's"rainy day" Fund Balance, bringing it to $1.5 billion.

Mayor Vincent Gray and D.C. Chief Financial Officer Natwar M. Gandhi announced Tuesday that in FY2012 the District brought in $417 million more in revenues and savings than it spent. The surplus will be put into the District's savings account, the Fund Balance, bringing its coffers to about $1.5 billion. Under District law the Fund Balance must reach $1.8 billion, two months of worth of cash-on-hand, before surplus funds can be spent. “This is affirmation that our economic development strategies are working and shows that we are one of the nation’s most financially sound jurisdictions,” Gray said in a press release. Gandhi agreed, saying D.C. was possibly in "the best financial condition in its history." Councilmember Jack Evans was on the…

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