Budget Season Kicks Off With Release of the Comprehensive Annual Financial Report

The Council’s busy budget season kicked off, as it always does, by the release of what it known as the Comprehensive Annual Financial Report (CAFR). The CAFR covers the previous fiscal year, in this case Fiscal Year 2016, which ended on September 30, 2016.

The report is based on audited financials, and for the twentieth consecutive year, the District government received a “clean” audit. Furthermore, for the second straight year, the audit provided a higher distinction as well—a finding of “no significant deficiencies or material weaknesses.”

At the hearing, Chief Financial Officer Jeffrey DeWitt, City Administrator Rashad Young, Inspector General Daniel Lucas, and a representative from the firm which conducted the District’s audit all provided testimony, and responded to questions from Councilmembers.

Next up in the Council’s budget process is a five-week series of agency-by-agency Budget Oversight hearings that focus on Fiscal Year 2016, as well as the first few months of Fiscal Year 2017 (which began on October 1, 2016). Roughly three weeks after that, in early April, the Mayor will submit her budget plan for Fiscal Year 2018 (which begins on October 1, 2017) and brief the Council on it. That kicks off another five-week series of agency-by-agency budget hearings. Last up are committee markups of the budget, and final votes on the legislation culminating in June.

To watch the video of the CAFR hearing, click here.

To review the complete CAFR document, click here