Reply to Tony Williams takes DC Govt to task for failing downtown and budget mismanagement

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The council is full of morons.  I’m not sure the mayor is any better.  Get ready for a control board redux.  [/quote]

D.C. has a $1.6 billion reserve fund right now -- I think it's far, far from the days of the control board. And why would a Democratic Senate and White House go along with an attempt to put unelected financial managers in charge of the District?[/quote]
This is a complete misunderstanding of DCs reserves. Over $500 million of DCs reserves are Congressionally mandated for Emergencies and Contingencies. These reserves have special requirements for use and are required to be replenished if used. In addition, there is about $700 million that is officially called a “reserve” but is designated specifically and only for Cash Flow purposes. This reserve cannot be used for any other purpose and also is required to be replenished if used. Lastly, there is only about $200 million that DC has allocated in a rainy day fund, which provides a reserve for general obligations when revenues fall and it is the only reserve that is not required to be repaid.[/quote]

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