Statement on February 2019 Revenue Estimates

(Washington, DC) – Today, the DC Government released the revised revenue estimates for the FY 2019-2023 District of Columbia Budget and Financial Plan. The historic 35-day federal government shutdown reduced FY 2019 revenue by an estimated $47.4 million. Due to the impact of the shutdown, the forecast for local fund revenues is revised downward in FY 2019 by $41.4 million; the forecast is revised upward by $25 million in FY 2020. In response to the new estimates, Mayor Bowser released the following statement:

“These new revenue estimates remind us that while DC’s economy is strong, we must continuously prepare for what may lie ahead. It is unfortunate that our nation and region had to suffer through the historic and unnecessary 35-day federal government shutdown, and in DC, it was an important reminder of why we continue the work of diversifying our economy and making our city an attractive place to do business. Being strong stewards of taxpayer resources means both making the investments that our residents and neighborhoods need to thrive, while also being intentional about building a fiscally resilient city.”