McDuffie Statement on DC’s Updated Fiscal Forecast and Revenue Shortfall

McDuffie Statement on DC’s Updated Fiscal Forecast and Revenue Shortfall

Press Release
McDuffie Statement on DC's Updated Fiscal Forecast and Revenue Shortfall 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: "District of Columbia Chief Financial Officer Jeffrey DeWitt just provided the Mayor and Council with an updated financial forecast and now projects a budget shortfall of $722 million in the current fiscal year, and additional downward revisions of $774 million, $606 million, and $568 million over the next three years. Based on all the numbers, the CFO today indicated that we are now in a recession. While that is certainly not welcome news, we all know that this pandemic has had a…
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