The District of Columbia is one of the great success stories in the country in terms of fiscal turn-around and restoring fiscal stability and integrity to city government. The city's economy has rebounded strongly from the 2008-2009 recession and is benefitting from a virtuous cycle of investment, development and increasing tax revenues. In addition, the District has some of the strongest cash resources among its municipal peers and has done better than most in terms of preparation for retiree and pension costs. Although the city continues to be effected by sequestration, Standard and Poor’s recently upgraded the city’s general obligation bonds from A+ to AA-.
Despite this strength, the District has many residents in need of social support. The programs that require additional focus include insuring a quality education for all residents, including those in need of special education, providing access to healthcare, including effective management of healthcare and the transition to Obamacare, providing affordable housing in rapidly changing neighborhoods, and operating efficiently throughout the city.
As the city strives to maintain its fiscal health and integrity, it is important to ensure that this is done in the context of home rule, where the local elected leadership and D.C. residents decide on the best ways to accomplish their goals. Over the past decade, the District has worked hard to increase its legislative and budget autonomy while fighting for the voting rights of residents; these efforts go hand-in-hand. It is the responsibility of the Federal City Council to continue to work with other like-minded organizations to preserve and enhance the District's autonomy. Two projects which the Council believes have the potential to enhance fiscal stability in the District are tourism promotion, and infrastructure investment.