New Estimates Show $140 Million Revenue Boost for FY 2012

Photo by PoPville flickr user JoshBassettPhotography

From a press release:

Mayor Vincent C. Gray welcomed new estimates from the Office of the Chief Financial Officer (OCFO) that show the District government taking in $139.5 million more in Fiscal Year 2012 than expected.

Significant growth in employment among District residents and robust economic growth were the biggest drivers of the revenue boost. The estimates show that individual income tax withholding increased by $51.2 million, and the sales fueled by higher earnings yielded an additional $22.8 million in sales taxes.

However, Mayor Gray noted, OCFO’s estimates for Fiscal Year 2013 revenues remain flat due to the threat of federal sequestration – currently scheduled to take effect in January – and its anticipated effect on the local economy. “The District’s fiscal future looks far bleaker if Congress and the President do not act quickly to prevent what everyone agrees is a completely unacceptable and destructive means of reducing the federal budget,” he said. “It also underscores the urgency of diversifying the District’s economy and reducing dependence on the federal government for our economic success.”

10 Comment

  • jim_ed

    Important question: Is that before or after our elected officials steal their cut?

  • Speed cameras cover the money that’s stolen annually form DC Gov, we’re OK on that issue. >:/

  • Scrillin

    maybe now they can remove those darn cameras so I can get to work on time!

  • Of course, if that unqualified Georgia guy who had been fired from his last job hadn’t been hired here and single handedly reduced assesments on mor ethan 500 commercial properties last year totaling 2.6 billion, costing the District almost 50 million in lost commercial real estate taxes, this would have been nearly a 200 million surplus.

    But hey…whats ~50 million between friends.

    Fire Natwar

    • You have no idea what you’re talking about. If the assessments were correct to begin with and not so distorted because many of the assessors didn’t do a good job the first time around there wouldn’t be the need for the reductions.

  • Any chance residents get a tax refund? j/k. I applaud Natwar for sandbagging to enable a city tax increase and cut in services. Hopefully a few more years of surplus will lead to tax cuts down the road.

    Traffic cameras are a brilliant way to implement an undercover fee for driving in the city. I’m pretty sure this will lead to increased safety for pedestrians as drivers stop running red lights and speeding through city streets.

  • DC CapHill

    1. Fix the damned pot holes! You got most of that money from speed cameras, and wonton parking tickets!

    2. Use the rest of that money to fix DCYS!

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