The District of Columbia could lose 40,000 federal jobs over the next several years, a 21% reduction according to the city’s CFO Glen Lee.
Forecast Significantly Revised
On February 28th, DC revised its revenue forecast for the District of Columbia Budget and Financial Plan, with a $1.01 billion reduction spread over three years, approximately $342 million per year.
The District’s most recent 28th consecutive clean annual audit confirmed the city’s strong financial standing, Aaa bond rating, fully funded pensions, and 52 days cash reserves. The downward revision reflects the significant impacts of federal job losses.
Mayor Bowser released the following statement:
“The real-life impacts of federal job losses will be felt in many ways, here in Washington, DC, throughout the National Capital Region, and across the country. Today’s estimates show the significant financial impact on Washington, DC, and with this estimate, we will need to significantly reshape our upcoming budget proposal. In addition to building the best infrastructure for the federal workforce, we have attracted great private sector opportunities in our city – hospitality and tourism, education and health care, sports and entertainment, technology and so much more. Now, more than ever, we need to be strategically focused on investing in the growth of our local economy to bring more good-paying jobs, companies, and economic activity to DC. We will work with our colleagues on the Council to ensure we make it through this together.”
AUTHOR
Skilled Realtor® Susan Isaacs is a 20+ year residential real estate and new construction veteran with expertise in buyer and seller representation, investor representation, new homes, relocation and exchanges.
Licensed in the District of Columbia and Virginia since 2008.
Susan Isaacs, Realtor®
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