(WASHINGTON, DC) – Today, the DC Government released the revised revenue estimates for the FY 2023 – 2026 District of Columbia Budget and Financial Plan. The forecast for local fund revenue is revised upward in FY 2023 by $128 million. However, the local source revenue forecast for FY 2024 – FY 2026 has been revised downward by approximately $464 million. In response to the new estimates, Mayor Bowser released the following statement:
“Earlier this month, across three budget engagement forums, DC residents came together to share their budget priorities and grapple with the tough choices required to build a balanced budget that represents our values and gives more DC residents a fair shot. Today’s sobering forecast requires us to make even tougher choices in the upcoming budget and underscores the seriousness of the moment we are facing. Over the past three years, our city has faced and overcome unprecedented economic challenges. With the ongoing impacts of telework and national political uncertainties, we face another significant test to our local economy. Given these challenges, it would be fiscally irresponsible to try to tax our way to sustainable, long-term growth. The District’s economy remains strong and rests on a solid financial footing. We must budget within our means and remain focused on the necessary investments to energize DC’s comeback.”
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