Glen Lee, Chief Financial Officer
District of Columbia (Washington, DC)
District of Columbia (Washington, DC)
About
Learn about District of Columbia (Washington, DC) including our News & Press Releases and Team.
Talk to us
Have questions? Reach out to us directly.
Learn about District of Columbia (Washington, DC) including our News & Press Releases and Team.
About District of Columbia (Washington, DC)
- Est. 2023 Population
- 678,972
- General Obligation Bond Ratings
- Aaa/AA+/AA+
- Income Tax Secured Revenue Bond Ratings
- Aa1/AAA/AA+
This is the official investor relations page for the District of Columbia ("the District"). The Office of the Chief Financial Officer (OCFO) handles all of the District's debt financing needs, including its communication with bond investors.
About Washington, DC
The District was created in 1791 by an act of the United States Congress and Presidential proclamation and has served as the capital of the United States since 1800. Since January 1975, the District has been governed under the District of Columbia Home Rule Act, which gave residents more autonomy over local affairs. Under the Home Rule Act, the District is governed by an elected Mayor and an elected Council.
The executive and legislative powers and duties of the District government are comparable to those held by states, counties and cities throughout the United States. However, Congress reviews all legislation passed by the Council before it can become law and retains authority over the District's budget. With the exception of the payment of debt service on District debt, the District may not obligate or expend funds absent annual Congressional appropriation.
The District is a unique governmental entity, combining state, county, and municipal characteristics. Functions performed by the District government include public safety, police, fire, corrections, consumer and business regulatory affairs, public works (highways, streets and traffic control and sanitation), human services (health, welfare and employment assistance), leisure services (recreation and libraries), economic development (planning, zoning, urban renewal and housing), public education and general administration. The District and its instrumentalities also operate a university, a hospital, a stadium and armory complex, a convention center, a housing finance agency and a lottery.
Image Gallery
News
News
December 31, 2024
Read the letter from the CFO to the Mayor and Council Chairman regarding the December 2024 quarterly revenue estimates.
News
October 31, 2024
The Office of the Chief Financial Officer has released its 2024 Long-Range Capital Financial Plan Report. The report looks at the District's current assets, their condition, future capital needs, and funding availability to develop a long-range plan to address all identified capital needs of the District in the shortest possible time period.
Press Release
October 7, 2024
(Washington, D.C.) - Chief Financial Officer Glen Lee announced today that Moody’s Ratings (Moody’s) upgraded the ratings of several special tax bonds of the District of Columbia. These upgrades reflect the strength and resilience of the District’s revenue streams. The outlook on all of the District’s special tax bonds is negative due to the negative outlook Moody’s maintains on the sovereign rating of the U.S. government.
Moody’s has upgraded the following ratings:
- Income Tax Secured Revenue Bonds: Upgraded to Aaa from Aa1, covering $5.9 billion. of outstanding bonds, reflecting the robust and stable income tax revenue.
- Washington Convention and Sports Authority (WCSA) Senior Lien Dedicated Tax Revenue Bonds: Upgraded to Aa2 from Aa3, $366 million outstanding bonds, supported by the growing tourism sector.
- Federal Highway Grant Anticipation Revenue (GARVEE) Bonds: Upgraded to Aa3 from A1 and A2, totaling $236 million outstanding bonds, bolstered by strong maximum annual debt service (MADS) coverage.
- Senior and Subordinate Ballpark Revenue Bonds: Upgraded to Aa1 from A1 and A2, covering $149 million of outstanding bonds, benefiting from solid corporate income tax surcharges and utility taxes.
- Deed Tax Revenue Bonds: Upgraded to Aa2 from A1, with $29 million of outstanding bonds, despite the volatility of the pledged revenue stream.
“Moody’s upgrades are a testament to the District's solid financial management and strong economic fundamentals,” said Chief Financial Officer Glen Lee. “We are extremely pleased by this recognition of the District’s strong governance and financial strength. We will continue to work with the District’s elected leaders to maintain the District’s financial health and stability and safeguard the interests of the city’s residents and stakeholders.”
These upgrades, which were a result of reviews initiated on July 24, 2024, following the release of the new US States and Territories methodology, underscore the District’s ability to maintain strong coverage of debt service obligations, supported by a diverse and robust economic base.
Team
-cropped.i02CaK5L.jpg)
Talk to us
Have questions? Reach out to us directly.