$190 million added to revenue outlook
The District now expects to collect $190 million more in revenue this fiscal year than previously anticipated, Chief Financial Officer Natwar M. Gandhi said Friday.
The 3.2 percent increase pushes the fiscal 2013 estimate for locally sourced general fund revenue to $6.06 billion, which still represents a drop from last year’s $6.39 billion. Projected revenue for fiscal 2014 also increased, by $177.8 million, to $6.13 billion.
Fiscal 2012’s $417 million surplus suggested that the District continues to thrive despite questions about the nation’s economy. But Gandhi said he believes the trend is unlikely to continue. “A large part of the reason for slower growth,” he said, “is the combination of federal austerity and slower employment growth.”