Magazine article Government Finance Review

D.C. Announces 6th Straight Budget Surplus. (News & Numbers)

Magazine article Government Finance Review

D.C. Announces 6th Straight Budget Surplus. (News & Numbers)

Article excerpt

Amid the almost daily reports of dire fiscal conditions for state and local governments, the District of Columbia announced in January that it ended its last fiscal year September 30 with a $27 million surplus--the sixth surplus in as many years.

The surplus will increase the district's general fund balance to $865 million. Most of this amount is reserved for either contingencies or debt service, leaving $115.3 million available for appropriation.

The district's fiscal 2002 CAFR was the first to be submitted under the new financial reporting model outlined in GASB Statement No. 34. KPMG LLP, the district's independent auditor, issued an unqualified audit opinion on the financial statements.

"With the issuance of this CAFR, the district has established that the process is now routine, with no concerns over its timeliness or securing a clean opinion," Chief Financial Officer Natwar M. Gandhi said in a briefing before the Council of the District of Columbia. …

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