photo by Victoria Pickering
From the Mayor’s Office:
“Mayor Muriel Bowser delivered her Fiscal Year 2025 (FY25) Budget and Financial Plan, A Fair Shot: Strategic Investments and Shared Sacrifice, to the Council of the District of Columbia as part of the District’s annual budget process. The FY25 budget represents strategic investments and shared sacrifices to address a confluence of post-COVID factors and drive economic growth.
“Never bet against Washington, DC. We are a resilient city. We never give up. We know how to make a strong comeback. But our wins are also not accidental. We’re smart, creative, and strategic. That is the spirit of my fiscal 2025 budget. This is a smart budget, it’s a responsible budget, but most important, this is a budget that will keep DC the best city in the world,” said Mayor Bowser. “I know that by continuing to work together – by striking the right balance between investments and sacrifice and by prioritizing investments that will kick off more revenues for the District – we will get back to the economic growth levels that have fueled the renaissance of modern Washington.”
The FY25 budget and financial plan is made up of $21 billion in operating funds and $11.8 billion in capital improvement funds. The post-COVID economic factors include: slower revenue growth; the end of federal stimulus funding; significantly higher operating costs, including an additional $200 million in WMATA funding; and the impacts of the remote work environment. The District’s budget is also unique because DC Government is required to have a balanced financial plan across both the current fiscal year and the upcoming four years of the financial plan. The result of these factors is a widening gap across the financial plan that requires prudent investments now to change the trajectory of our out-year revenue estimates.
Mayor Bowser shared her guiding principles for creating the budget: (more…)
