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Income Tax Secured Revenue Bonds
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On behalf of the District of Columbia, I would like to welcome you to our investor relations website. We appreciate your interest and investment in bonds issued by the District, as it allows us to make critical investments in public infrastructure throughout the District. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the District of Columbia. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
Jeffrey S. DeWitt, Chief Financial Officer
Two decades ago, D.C. was barely emerging from a fiscal crisis that had left the city almost bankrupt and taken over by a federal Control Board. But the last few years have seen explosive growth that has swelled D.C.’s coffers, so much so that for the first time the city has a full rainy-day fund to navigate any future challenges.
Today, Mayor Muriel Bowser and Chief Financial Officer Jeffrey DeWitt released the Fiscal Year 2019 Comprehensive Annual Financial Report (CAFR). The 2019 CAFR marks the District’s 23rd consecutive clean audit opinion and the fifth consecutive year of the audit finding no material weaknesses or significant deficiencies.
“In 2020, DC’s economy is stronger and more resilient than ever,” said Mayor Bowser. “A year ago, we were calculating the economic impacts of the longest federal government shutdown in our nation’s history. Today, we have 60 days of cash reserves, a AAA bond rating, and one of the strongest economies in the nation. And the historic strength of our economy is reflected in the historic investments we’re making across all eight wards – from more affordable housing, to new child care seats, to investments in keeping residents safe and reducing crime. We are proud of our city’s progress, grateful for the commitment of our taxpayers, and ready and eager to continue giving more Washingtonians a fair shot at pathways to the middle class.”
The U.S. Bureau of the Census estimates DC’s population on July 1, 2019 was 705,749, an increase of 4,202 (0.6%) from the revised estimate for 2018. 2019 was the 14th straight year of population growth. From 2005 to 2019 the city grew by 138,613, a remarkable gain of 24.4%. Also notable is that growth slowed in 2019, primarily due to decreases in net migration.