D.C. Government Ends Fiscal Year With $200 Million Surplus

District of Columbia officials said the city ended the last fiscal year with a surplus of $203 million.

City officials released the Comprehensive Annual Financil Report Friday, which credited the surplus to city agencies spending less than their allocated budgets.

"The District's finances are among the strongest of any jurisdiction in the nation and the strongest they have been in our history," Mayor Muriel Bowser said in a statement.

The annual report covered Fiscal Year 2014, which ended Sept. 30. The general fund balance rose to $1.87 billion in 2014, up from $1.75 billion last year.

Most of the surplus will go into the city's rainy-day funds as mandated by law.

It's the fourth consecutive year the District has enjoyed a surplus and the 18th consecutive balanced budget.

However, the surplus was lower than the $321 million surplus for Fiscal Year 2013, and the $417 milion the year before.

The city has strict financial controls that were instituted after the insolvent local government was taken over by Congress in the mid-1990s.

Despite the surplus, Bowser said she will still have to close a $250 million gap between projected revenues and future spending. The total budget for the city is more than $12 billion.

Copyright AP - Associated Press
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