Ward 5 Report: "CFO provides revenue forecast"

From: Councilmember Kenyan R. McDuffie <kmcduffie@dccouncil.us> 

Sent: Thursday, October 1, 2020 6:25 PM
Subject: October 1st Ward 5 Report - CFO Provides Revenue Forecast

 

View this email in your browser Neighbors, On Wednesday, the District’s CFO Jeffrey DeWitt provided the Mayor and Council with an updated financial forecast.  Despite ending the fiscal year with more revenue than previously estimated, the District is still down -$334.4 million compared to FY2019 and substantial revenue shortfalls are forecasted, roughly -$200 million a year for the next four years. Wednesday's updated revenue projections indicate that we are and will remain in a recession. The path to recovery will be much longer than originally anticipated and its impacts to workers and small businesses devastating. With unemployment insurance claims in the District still rising it is critical that we prioritize replenishing our depleting UI fund. It is projected that upwards of 30% of restaurants are not likely to ever re-open which means lost jobs and opportunities.  These are challenging times and require focused efforts to ensure the District remain a place where we can all thrive. As we look to maintain the District’s financial strength we must balance increasing revenues to care for our most vulnerable and austerity measures to make our budget and operations effective and efficient. In service, Kenyan   In this issue of the Ward 5 Report: Legislative Update Kenyan in The Community Kenyan in The News Small Business Spotlight COVID-19 Updates DCPS Update Department Recreation Center Update Department Public Works Update DC Water Update     Legislative Update   Councilmember Kenyan R. McDuffie Introduces Emergency Legislation to close a loophole that allows large out of state firms to certify as local business enterprise.     Kenyan in The Community     Councilmember McDuffie host a drive in screening of the movie 42 starring the late Chadwick Boseman at Union Market. #OurWard5       Kenyan in The News   Councilmember McDuffie calls on the Office of Contract and Procurement Director to follow existing local laws in recent article by the Washington Business Journal on recently proposed Certified Business Enterprise legislation. Read the full story here. “We need to redirect funding away from the police department to other government agencies in other priorities and invest in those communities where people have been over-policed for years,”  Councilmember McDuffie responds to a recent report stating the vast majority of people stopped, frisked, or arrested by officers in D.C.’s special gun recovery and narcotics units were Black saying. Read the full story here.     Small Business Spotlight     North Capitol Main Street, formed in 2003 to become a catalyst for neighborhood commercial revitalization across 3 neighborhoods along North Capitol Street, here in #OurWard5. North Capitol Main Street has a number of hidden gems and black owned businesses within the corridor, follow the link below to learn more. http://northcapitoldc.com/   Winter Ready Grant Opportunity      DC Child Care Provider Relief Fund As part of the District’s coronavirus (COVID-19) recovery efforts, the DC Child Care Provider Relief Fund will provide $5 million in emergency operational funding to local child care facilities. Relief funds will be granted to all licensed District child care providers ensure a supply of child care for families during the public health emergency and recovery period. More information on how to apply can be found here.     COVID-19 Updates   Below are updates on the District's response to the coronavirus pandemic. For the latest and most comprehensive information always visit http://coronavirus.dc.gov.     DCPS Update       Department Recreation Center Update       Department Public Works Update       DC Water Update