WASHINGTON - District of Columbia Mayor Vincent Gray says the district ended fiscal 2011 with a $240 million surplus and that the money has been used to replenish the district's reserve fund.
As a result, Gray says he hopes the three major credit rating agencies will consider upgrading the district's bond ratings. Gray and other district officials plan to travel to New York on Thursday to make their pitch.
The reserve fund had dipped from nearly $1.5 billion in 2007 to $890 million in 2010. Gray has been critical of former mayor Adrian Fenty for using the reserve fund to balance the budget and says the city's finances are more stable. But the district still faces potential budget shortfalls starting in 2013 because of federal cutbacks.
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