D.C. Mayor Likely Wants to Save $400M Surplus, Others Want Piece of the Pie
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WASHINGTON (CBSDC/AP) — The District of Columbia continues to be in much better financial shape than most if not all states.
The city’s population is swelling, and its commercial real estate market is booming. That translates into more tax revenue for the city, which is expected to announce a budget surplus Tuesday in the $400 million range.
While many states struggle with painful budget cuts, the surplus is sure to trigger debate in the district about what to do with the money. Mayor Vincent Gray has made shoring up the district’s finances a priority, and he’s likely to argue that most if not all of the money should go into the city’s reserve fund.
But D.C. councilmembers have their own ideas about how to spend the money.
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