District of Columbia
Revised Revenue EstimateFebruary 2012
February 29, 2012
District of Columbia
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Summary of February 2012 Revenue Estimate
ActualEstimateProjectedLocal Source, General FundRevenue Estimate ($ millions)FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016
December 2011 Forecast
5,670.15,727.45,856.26,004.3
Revisions to estimate34.813.1 (14.1)(19.4)Additional revenue from lower impactof federal sequestration*22.6 24.9 22.2
Totalchange to the estimate34.8 35.7 10.8 2.8February 2012 Revenue Estimate5,390.95,704.95,763.05,867.06,007.16,164.7
Percent growth over previous year6.2%5.8%1.0%1.8%2.4%2.6%
*
The December 2011 forecast included an estimate of the impact of federal sequestration on the District. The estimate hasbeen updated tobe consistent with the latest Congressional Budget Office’s (CBO) estimate. The additional revenue is the difference between theupdatedestimate and the December estimate. (see table on slide 4).
District of Columbia
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A high degree of uncertainty clouds the futurecourse of the economy
•The threat of federal cutbacks poses the greatest risk to the District’s economicand fiscal outlook.•The federal sequestration, if implemented in its current form, would have asevere impact on the District’s economy and finances.•Other risks to the District’s economy include:•Financial ripple effects from the ongoing European debt crisis•Possible disruptions to oil supplies from the Middle East•Downturn in the still fragile national economy
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