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DC ends year with 3rd straight budget surplus

Friday - 1/31/2014, 3:48pm  ET

BEN NUCKOLS
Associated Press

WASHINGTON - District of Columbia officials say the city ended last fiscal year with a $321 million surplus, continuing a run of fiscal health since the end of the recession that has outpaced most states and municipalities.

It's the third straight year the city has finished with a surplus. Last year, the surplus topped $400 million. This year's haul was split about halfway between higher-than-expected tax revenues and underspending by city agencies.

Nearly all the money will go into the city's reserve fund or legally mandated escrow accounts. The city's rainy- day fund balance is now a record $1.75 billion, up from $900 million in 2010. Democratic Mayor Vincent Gray has made replenishing the reserve fund a priority of his administration, and he says the city's fiscal turnaround is now complete.


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