DC announces $417 million budget surplus - DC News FOX 5 DC WTTG

DC announces $417 million budget surplus

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District of Columbia officials say the city ended fiscal 2012 with a $417 million budget surplus.

Mayor Vincent Gray said Tuesday that the surplus makes the city "one of the nation's most financially sound jurisdictions, if not the most."

Most of the money has already been placed in the district's reserve fund, which now carries a balance of $1.5 billion. Three years ago, the reserve fund balance was $900,000, and the Democratic mayor has made increasing the city's savings a major priority of his administration.

But advocates for the city's poor and homeless residents say the mayor should spend some of the surplus on safety net programs.

City officials say an influx of new residents and higher-than-expected business and sales taxes contributed to the surplus.

By BEN NUCKOLS Associated Press

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