District of Columbia: Oversight in the Post-Control Board Period Page: 3 of 21
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obtained access to both short-term and long-term credit markets at
reasonable rates to meet its borrowing needs; and the District has
balanced its budget for 4 consecutive fiscal years in accordance with
generally accepted accounting principles (GAAP) based on the
Comprehensive Annual Financial Report (CAFR) for the District.2
The District's outstanding return to financial health is the direct product of
the combined, cooperative efforts of the District and its elected and
appointed leadership, the Authority, and Congress. It in no way minimizes
this remarkable achievement to note, however, that the District, similar to
many other cities, continues to face a series of substantial, long-term
challenges to its financial viability. Addressing these challenges requires
continued dedicated and inspired leadership to make the hard decisions
and often painful trade-offs among equally compelling needs and
priorities. Sound financial and program cost and performance information
is and will be critical to making these decisions in an economical, efficient,
and effective manner.
Toward that end, the District must ensure that its new financial
management system is effectively implemented and provides
decisionmakers with reliable and timely data. In addition, since 1995
Congress has put in place a number reporting requirements to help
provide the financial, planning, and performance information that it needs
to conduct effective oversight and make decisions. Congress may wish to
consider additional mechanisms to ensure that it and the District have the
information needed to help the District maintain its financial viability and
address its current and emerging challenges. Such mechanisms must be
considered and implemented within a context that seeks to balance two
sets of values: the overriding importance of Home Rule and respect for the
District's democratic institutions on the one hand and Congress' oversight
and decision-making responsibilities for the nation's capital on the other.
My comments today are based on our reviews of the District's
Comprehensive Annual Financial Reports for fiscal years 1990 through
2000 and related financial management reports and documents issued by
the District CFO, the IG, and the Authority; our recent work on the
District's financial management system and performance planning and
2A fourth provision, that all obligations arising from the Authority's issuance of bonds,
notes, or other obligations be discharged, was not relevant since the Authority never had to
issue its own bonds, notes, or other obligations; thus, there were no such obligations to
discharge.GAO-01-845T DC Post-Control Board Period
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United States. General Accounting Office. District of Columbia: Oversight in the Post-Control Board Period, text, June 8, 2001; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc289977/m1/3/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.