Mayor Cites Commitment to Fiscal Stability; Will Work with Gandhi toward Fiscal Independence
Mayor Vincent C. Gray has reappointed Natwar M. Gandhi, Ph.D., as the District's Chief Financial Officer. Upon confirmation of the D.C. Council, Natwar, who has held the post since 2000, will serve another five-year term.
"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 in a statement. "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."
Gray added that he is looking forward to working even more closely with Gandhi as he moves to restore the District's financial standing to make it a model "like those found in virtually every other state and city."
Gandhi is responsible for the city's finances, including its approximately $7 billion in annual operating and capital funds. He survived the 2007 debacle where a city tax office worker stole stole nearly $50 million in city funds as well as a controversy that involved the city's lottery.
However, Gandi has unwavering support of the local business community, and during his 12-year tenure, the city has consistently achieved a "clean" audit opinion from independent auditors in the District's Comprehensive Annual Financial Report (CAFR).
As a result of Gandi's financial management, the District has also secured several rating upgrades for its general-obligation bonds from the major financial rating agencies, including an 'A+' rating from Standard and Poor's, a 'AA-' from Fitch Ratings and an 'Aa2' rating from Moody's Investors Service.