The Bottom Line - Summer 2017 - 6

A NEW FIVE-YEAR TERM A

DISTRICT OF COLUMBI

CHIEF FINANCIAL OFFICER

Jeffrey S. DeWitt

THE BOTTOM LINE

n July 1, I began my new five-year term as the
independent Chief Financial Officer (CFO) for the
District of Columbia after serving the last 3½ years of
Dr. Natwar Gandhi's term following his retirement. I
have been honored to serve the Mayor, District Council,
District agencies and citizens of the District of Columbia
and I am fortunate to work with and learn from a talented
and dedicated staff in the Office of the Chief Financial
Officer (OCFO).
Being the CFO for the District of Columbia is unlike
any other government CFO job in the country. The
District is a city, state, county, and school district all in
one. We manage a Medicaid program, interstate freeways, a DMV, and a University like a state; oversee a fire
department, police department, and garbage/recycling
pickups like a city; manage a publicly owned hospital,
assess and collect property taxes, and manage jails like
many counties.
Today, the District is in the best financial shape of
any major city in the United States. Pensions and retiree
health care commitments are fully funded and cash
reserves are at appropriate levels for its $13.9 billion-dollar annual budget. The strong bond ratings allow for borrowing at the lowest cost to manage the large infrastructure challenges all major cities and states face. These
results demonstrate a remarkable recovery from what
was functional insolvency in the mid-1990s. The turnaround is the result of significant financial laws, regulations, policies, and practices instituted by the federal

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