Washington, D.C. — Today, Councilmember Kenyan R. McDuffie, Chair Pro Tempore of the Council and Chair of the Council Committee on Business and Economic Development, released the following statement on the DC Chief Financial Officer’s updated revenue estimate:
“The District’s CFO Jeffrey DeWitt just provided the Mayor and Council with an updated financial forecast the FY 2020 ended $222m higher than the previous April estimate. Despite ending the fiscal year with more revenue than estimated, the District is still down -$334.4m compared to FY2019 and FY 2021 has been lowered by $212 million.
Today’s updated revenue projections indicate that we remain in a recession and the path to recovery will be much longer than originally anticipated. COVID-19 has had a devastating economic impact. With unemployment insurance claims in the District still rising it is critical that we prioritize replenishing our depleting UI fund.
As we look to maintain the District’s financial strength we must balance increasing revenues to care for our most vulnerable and austerity measures to make our budget and operations effective and efficient.”