WASHINGTON (AP) -- Two days after he was defeated in his bid for a second term, District of Columbia Mayor Vincent Gray has proposed a $10.7 billion budget for the upcoming fiscal year.
The proposal includes funding for many of the initiatives Gray has announced in recent weeks, including new money for education and affordable housing.
The Democratic mayor says the city is now "reaping some of the benefits of our past fiscal discipline." The city has $1.75 billion in its rainy-day fund, up from $900 million four years ago, and has finished the last three years with surpluses.
Gray lost Tuesday's Democratic primary to D.C. Councilmember Muriel Bowser, who said Wednesday she would review the budget carefully. Bowser is running against independent Councilmember David Catania in the general election.
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