"District of Columbia Chief Financial Officer Jeffrey DeWitt just provided the Mayor and Council with an updated financial forecast and now projects a budget shortfall of $722 million in the current fiscal year, and additional downward revisions of $774 million, $606 million, and $568 million over the next three years. Based on all the numbers, the CFO today indicated that we are now in a recession.
While that is certainly not welcome news, we all know that this pandemic has had a devastating impact on our economy. We are not alone among cities in the United States facing these challenges, but we are well-positioned compared to some of our counterparts. We entered this crisis with a full rainy day fund, a well-funded unemployment insurance fund, and our employee pension obligations fully funded.
I believe the city should be able to navigate this crisis in both the long and short term with responsible policies and spending. However, there will be difficult decisions in the years and budgets ahead. The impact on District small businesses and workers is profound, but I remain steadfast and optimistic that the future of our city is bright."
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