- Associated Press - Friday, January 30, 2015

WASHINGTON (AP) - District of Columbia officials say the city ended the last fiscal year with a surplus of more than $200 million.

The city’s annual financial report says most of that surplus can be credited to city agencies spending less than their allocated budgets.

Most of the surplus will go into the city’s rainy-day funds as mandated by law.

It’s the fourth consecutive year the District has enjoyed a surplus and the 18th consecutive balanced budget. The city has strict financial controls that were instituted after the insolvent local government was taken over by Congress in the mid-1990s.

Despite the surplus, Mayor Muriel Bowser says she’ll still have to close a $250 million gap between projected revenues and future spending. The total budget for the city is more than $12 billion.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide