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Fiscal Stability & Integrity

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. 

WASHINGTON – The Federal City Council applauds the DC Council’s vote today to support the overwhelming majority of the tax cuts recommended by the DC Tax Revision Commission. The DC Council’s vote to adopt these recommendations expeditiously makes a strong statement about the District’s commitment to creating a fair and competitive tax system.

With its rich history, wealth of museums and monuments, and vast array of natural beauty, the District has the potential to be one of the world's great tourist destinations. Unfortunately, the District isn't realizing its potential as a tourist destination. Unlike other cities where the prominent tourism industry promotes itself; here, the federal government doesn't maximize investments to promote the city's attractions.  D.C. ranks seventh out of all U.S. municipalities in dollars spent to attract tourism.

Like many American cities, DC has struggled to adequately address the growing need to invest in its infrastructure. As the capacity of conventional, federally-supported mechanisms for infrastructure investment have become insufficient, local governments have sought new ways to meet growing infrastructure needs. With DC’s thriving economy and impressive urban transformation, long-term investments to renew and expand economic and social infrastructure will play a critical role in the District’s economic future and livability.