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Mayor, Officials Receive Praise for Surplus

James Wright | , WI Staff Writer | 2/2/2012, 11:18 a.m.

Evans, the chairman of the powerful Committee on Finance and Revenue, said that the District is considered a financial model for other major cities.

"With all of the development that is taking place in the District, many cities are envious of the District," Evans said. "These developments when they come to fruition will only add to our coffers."

Elissa Silverman, a policy analyst with the D.C. Fiscal Policy Institute, said that the city leaders should be happy with the audit.

"It is a good thing, definitely," Silverman said. "The question is how do we move forward? We [the Policy Institute] have had a sense that there would be a surplus and obviously some people are doing well in the city."

Silverman said that "while the surplus is a good thing, showing that the city's income and commercial property taxes are performing well."

Gray, Gandhi and other city leaders will travel to New York this week to argue for an upgrade to the city's bond rating. Evans said that the trip to Wall Street is more pleasurable than in the past.

"When I first got on the Council, in 1991, our bond rating [generally] was B-minus and now we are going to ask for an AA rating across the board," he said.

Gray said D.C. residents will benefit from the city's financial health. "This news means that our residents will have a better quality of life and we will be able to diversify the local economy and continue to bring in new businesses that will provide jobs for people."