New Estimates Showing $140 Million Revenue Boost Due to Booming District Economy
Last month, the Office of the Chief Financial Officer (OCFO) released new estimates that show the District government taking in $139.5 million more in Fiscal Year 2012 than expected.
According to OCFO, significant growth in employment among District residents and robust economic growth were the biggest drivers of the revenue boost. The estimates show that individual income tax withholding increased by $51.2 million, and the sales fueled by higher earnings yielded an additional $22.8 million in sales taxes.
“This good news is affirmation that we are reaping the benefits of our investments in growing the District’s economy and getting our residents back to work,” Mayor Gray said. “Thanks to initiatives like One City ● One Hire and our multiple efforts to encourage the robust growth of our real estate, technology, hospitality and other private-sector industries, the District’s economy is on a roll.”