Mayor Vincent C. Gray Reappoints Dr. Natwar M. Gandhi as District’s Chief Financial Officer

(WASHINGTON, DC) – Mayor Vincent C. Gray today reappointed Dr. Natwar M. Gandhi, the District’s Chief Financial Officer since 2000, to another five-year term in the position. He notified the DC Council of the appointment, which is subject to a confirmation vote.

“Dr. Gandhi has been a steady steward for the District’s finances for more than a decade, and a good partner to me as I have worked to restore a strong sense of fiscal responsibility to the District’s budget,” Mayor Gray said. “I have appreciated his assistance in helping us balance the District’s budget without using any more of our crucial reserves for the last two years – restoring our Fund Balance to over $1.1 billion from the depleted state it had been in when I took office. I look forward to working even more closely with him toward the goal of restoring the District’s financial-management function to a model like those found in virtually every other state and city.”

Under Dr. Gandhi’s stewardship, the District has obtained a “clean” audit opinion from independent auditors in the District’s Comprehensive Annual Financial Report (CAFR) every year since Fiscal Year 2000, which ended the city’s Control Period and facilitated the return of Home Rule. Under his leadership, the District has secured several rating upgrades for its general-obligation bonds from the major rating agencies, including  an “A+” from Standard and Poor’s, a “AA-“ from Fitch Ratings and an “Aa2” rating from Moody’s Investors Service. The District’s income tax secured bond ratings are “AAA” from S&P, “AA” from Fitch and “Aa1” from Moody’s.