The District government will see almost no revenue growth this fiscal year as a result of a slowing economy and the 35-day federal government shutdown that ended Jan. 25, according to a new report by Chief Financial Officer Jeffrey S. DeWitt. The report says the city will have lost $41 million in revenue this year, mostly attributable to the federal shutdown. Economic growth from the 2017 federal tax overhaul appears to be dissipating, it said. “This is going to be a tight budget because the revenue is not showing the kind of growth that we’ve seen in previous years,” said Mendelson. The District has built up billions in reserve funds and has seen its coffers flooded with new tax revenue from a sustained real estate boom and steady population growth.

Source: Washington Post February 28, 2019 23:53 UTC