WASHINGTON — District of Columbia officials say the city ended last fiscal year with a $321 million surplus, continuing a run of fiscal health since the end of the recession that has outpaced most states and municipalities.
It’s the third straight year the city has finished with a surplus. Last year, the surplus topped $400 million. This year’s haul was split about halfway between higher-than-expected tax revenues and underspending by city agencies.
Nearly all the money will go into the city’s reserve fund or legally mandated escrow accounts. The city’s rainy-day fund balance is now a record $1.75 billion, up from $900 million in 2010. Democratic Mayor Vincent Gray has made replenishing the reserve fund a priority of his administration, and he says the city’s fiscal turnaround is now complete.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)