Gandhi warns against more borrowing
D.C. Chief Financial Officer Natwar M. Gandhi is cautioning the mayor and council against borrowing any more money for projects as the city gets closer to hitting its 12 percent debt cap.
A $200 million budget gap remains for fiscal 2010, and a $500 million gap looms for fiscal 2011. Mayor Adrian M. Fenty (D) will release his fiscal 2011 budget April 1, and government employees are bracing for major cuts, from jobs to operations. At the same time, Fenty continues to push development projects, particularly schools and recreation centers. Gandhi's letter comes as the Fenty administration is in the last days of crafting the proposed spending plan.
-- Nikita Stewart
Washington Post Editors
March 18, 2010; 4:47 PM ET
Categories: City Finances , D.C. Council , Mayor Fenty , Nikita Stewart
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