(Washington, DC) – Today, the DC Government released the revised revenue estimates for the District of Columbia Budget and Financial Plan. The revenue forecast remains relatively unchanged across the financial plan compared to the February estimates. The Fiscal Year 2025 revenues were revised upward on a one-time basis largely due to higher-than-expected income tax collection, and the Chief Financial Officer has indicated these funds will be set aside for year-end spending pressures and year-end closing needs. In response, Mayor Bowser released the following statement:
“We knew when putting together the FY26 budget that our priority as a city must be on growth, and the estimates confirm we have our focus in the right places. We’re seeing some positive data – more residents employed, a slightly lower office vacancy rate, and strong financial reserves. Now, we are balancing these positive indicators with the fact that there’s still a great level of uncertainty ahead. We know, unfortunately, that the biggest impacts of the DOGE cuts won’t hit us until the fall. And we also know that we won’t be able to tax and spend our way out of this. That is why the Growth Agenda is so important – so that we can generate new economic activity, create new jobs for DC residents, and bring in new revenues to fund city services and programs. If we can do that – if we can evolve with a rapidly changing economy – we’ll keep our economy resilient, our finances strong, and our city the best in the world.”
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