Glen Lee, Chief Financial Officer
District of Columbia (Washington, DC)
District of Columbia (Washington, DC)
About
Learn about District of Columbia (Washington, DC) including our News & Press Releases and Team.
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Have questions? Reach out to us directly.
Learn about District of Columbia (Washington, DC) including our News & Press Releases and Team.
About District of Columbia (Washington, DC)
- Est. 2024 Population
- 702,250
- General Obligation Bond Ratings
- Aaa/AA+/AA+
- Income Tax Secured Revenue Bond Ratings
- Aa1/AAA/AA+
This is the official investor relations page for the District of Columbia ("the District"). The Office of the Chief Financial Officer (OCFO) handles all of the District's debt financing needs, including its communication with bond investors.
About Washington, DC
The District was created in 1791 by an act of the United States Congress and Presidential proclamation and has served as the capital of the United States since 1800. Since January 1975, the District has been governed under the District of Columbia Home Rule Act, which gave residents more autonomy over local affairs. Under the Home Rule Act, the District is governed by an elected Mayor and an elected Council.
The executive and legislative powers and duties of the District government are comparable to those held by states, counties and cities throughout the United States. However, Congress reviews all legislation passed by the Council before it can become law and retains authority over the District's budget. With the exception of the payment of debt service on District debt, the District may not obligate or expend funds absent annual Congressional appropriation.
The District is a unique governmental entity, combining state, county, and municipal characteristics. Functions performed by the District government include public safety, police, fire, corrections, consumer and business regulatory affairs, public works (highways, streets and traffic control and sanitation), human services (health, welfare and employment assistance), leisure services (recreation and libraries), economic development (planning, zoning, urban renewal and housing), public education and general administration. The District and its instrumentalities also operate a university, a hospital, a stadium and armory complex, a convention center, a housing finance agency and a lottery.
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News
News
May 27, 2025
FY2026 Proposed Budget - Volume 1 (Executive Summary)
FY2026 Proposed Budget - Volume 2 (Agency Budget Chapters - Part 1)
FY2026 Proposed Budget - Volume 3 (Agency Budget Chapters - Part 2)
FY2026 Proposed Budget - Volume 4 (Agency Budget Chapters - Part 3)
FY2026 Proposed Budget - Volume 5 (FY 2026 - 2031 Capital Improvements Plan)
News
May 2, 2025
Glen Lee
Chief Financial Officer
May 2, 2025
Despite Moody’s recent downgrade of the District’s Income Tax Revenue Bonds to Aa1, the District’s latest bond sale was met with robust investor demand and the cost of borrowing was in line with expectations anticipated in the District’s budget.
On Wednesday, April 30th, the District of Columbia, in partnership with its senior managing underwriter Wells Fargo, successfully priced $1.17 billion of Income Tax Revenue and Refunding Bonds, Series 2025A (tax-exempt), and $301 million of Income Tax Revenue Bonds, Series 2025B (federally taxable).
The bonds were originally scheduled to price on Thursday, May 1st; however, the District and Wells Fargo chose to accelerate the transaction by one day to take advantage of favorable market conditions. This strategic timing allowed the District to navigate recent market volatility and potential credit headwinds related to the downgrade.
The transaction was well received by the market—both bond series were more than four times oversubscribed, which enabled spreads to be tightened across the board. According to Wells Fargo, the downgrade had no meaningful effect on investor interest or the pricing outcome of the bonds.
This successful transaction reflects continued confidence in the District’s fiscal management and the strength of its credit fundamentals.
News
April 23, 2025
Glen Lee
Chief Financial Officer
April 23, 2025
Today, Moody’s Ratings announced a downgrade of the District of Columbia’s credit rating from Aaa to Aa1 and revised the outlook to negative. This action reflects the challenging economic environment facing the District due to significant reductions in the federal workforce and federal spending, as well as ongoing weakness in the commercial real estate market.
This rating change is not the result of a degradation of the District’s strong governance and effective fiscal management practices. Rather, it stems from broader federal decisions regarding its workforce and spending, and economic trends that are beyond the District’s control and are having a disproportionate impact on the local economy.
We remain committed to fiscal prudence and sound financial management and will continue to work closely with the mayor and council to ensure the District’s long-term financial health and sustainability.
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Talk to us
Have questions? Reach out to us directly.