The District’s current financial condition is excellent. The financial highlights of 2013 include:
- A $321 million budgetary surplus for fiscal year 2013.
- An upgraded District general obligation bond rating by Standard & Poor’s from A+ to AA. Now, all three major rating agencies rate the District AA.
- A record rainy day fund balance of $791 million.
- A fully-funded, defined pension plan for police, firemen, ambulance workers and public school employees.
- A reduction of 10 percent in the city’s estimated unfunded actuarial accrued liability to $206 million on assets of $842 million for an 80 percent funded ratio.
- Projected revenue growth of 3 percent for each of the next few years.
- The D.C. Tax Revision Commission’s recommendations for individual and residential tax relief to be funded by either broadening the tax base or through general revenue growth.