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Later this afternoon, District of Columbia officials will make their annual trip to Wall Street. Every February, the Mayor, the Chairman, myself as head of the Committee on Finance and Revenue, and Chief Financial Officer Nat Ghandi visit the three bond rating agencies - Standard and Poor's, Moody's, and Fitch Ratings. The purpose of the meeting is to present the District's financial situation, which helps the rating agencies determine our bond rating. Our bond rating is important for two reasons: it determines the amount of interest the District pays when borrowing money and it acts as a report card on our overall financial health.
At the beginning of our fiscal year on October 1, the District is authorized to borrow a large sum of money, typically several hundred of millions of dollars, for cash-flow purposes. Over the course of the year, as our collections come in, the money is repaid. Our big collection dates are January 15 (fourth quarter payments), March 15 (first half of property taxes), April 15 (income taxes), and September 15 (second half of property taxes).
Our bond rating determines the interest we pay on the money that we borrow - the higher the rating, the lower the interest. For example, in the early- to mid-1990's, as the District's finances deteriorated, the bond rating fell to a "B," greatly increasing the interest we paid. By 1995, our finances were so bad that we couldn't borrow money at all, which was the primary reason for the Control Board. It was only when the Control Board came into existence in April of 1995 that the District could once again borrow money.
After the District met several criteria, the Control Board went dormant on September 30, 2001. But what many people don't know is that it can be reactivated if any one of the following seven events occurs:
- Requisitioning by the Mayor of advances from the Treasury;
- Failure to provide sufficient revenue to the debt service reserve fund;
- Default on borrowing;
- Failure to meet payroll;
- Existence of a cash deficit at the end of any quarter;
- Failure to make required payments to pensions; or
- Failure to make required payments to entity under interstate compact.
The Mayor and the Council must remain focused to ensure that none of these seven "deadly sins" occur.
Over the years, our bond rating has increased from "junk bond" status to an "A+" on our General Obligation bonds and the highest rating of "AAA" on our income tax bonds. The District's finances remain strong and we have a good story to tell when we visit the rating agencies on Wall Street.
Wish us well!
Jack
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Evans Kicks-Off 2012
Earned Income Tax Credit
Campaign
Last week Councilmember Evans joined representatives from Capital Area Asset Builders, the United Way, and the Internal Revenue Service to kick off the 2012 DC Earned Income Tax Credit (EITC) campaign. The campaign leverages the skills of hundreds of community volunteers to provide tax education and high quality no-cost financial and tax preparation services to thousands of hard-working individuals and families throughout DC.
The campaign is currently recruiting volunteer tax preparers to help low-income clients file their taxes and claim the credits that they deserve. Each tax return completed by a volunteer preparer can raise a low-income working family's income by more than $6,000.
"The DC EITC Campaign is working hard to provide free tax preparation services and financial support to low-income city residents," said Evans. "These efforts are essential in providing much needed tax assistance to residents across the District and I encourage everyone to consider volunteering for this great effort and pitching in to help their neighbors."
Last year, 500 volunteers helped file more than 5,000 returns, claiming over $8 million in tax refunds for DC residents and connecting many of those residents to other free financial resources.
Additional information on the DC EITC is available on the campaign's website.
Ruth Werner is Evans' Committee Director.
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Community Health Fair
Slated for February 11
Councilmember Evans encourages residents to join him at Asbury United Methodist Church for a Community Health Fair on Saturday, February 11 from 10:00am-2:00pm at 926 11th Street, NW. The health fair will focus on older adults and homeless families.
Several free services will be available including HIV counseling and testing, oral screenings, nutrition counseling, blood pressure screenings, glucose and cholesterol screenings, body fat analysis, geriatric hearing and memory screenings, cancer information and screenings, and bone marrow screenings.
"With the rising cost of healthcare, prevention is more important than ever," Evans said. "This community health fair will offer a great opportunity for residents to take a preventative approach to their health care. I hope folks will stop by to say hello and take advantage of all that is being offered."
The event is also being sponsored by United Methodist Men, Men Aiming Higher, Howard University Hospital, and People Into Living.
Please click here for more information about Asbury United Methodist Church.
Amorde Brabham is Evans' senior citizen liaison.
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Evans Joins DC Fire & EMS and Safeway for Wellness
and Safety Fair
Last weekend, Councilmember Evans teamed up with the Georgetown "Social" Safeway (1855 Wisconsin Avenue, NW) and the District's Department of Fire and Emergency Medical Services for a Community Wellness and Safety Fair.
Evans joined Kenneth Ellerbe, District Fire and EMS Chief, and representatives from Safeway for a program that included child seat safety inspections and installations, CPR and AED demonstrations, blood pressure and glucose screenings, and smoke alarm registration. The event launched a series of wellness and safety fairs that will take place at other District Safeway grocery stores in the coming months.
"Thanks to DC Fire and Safeway for pulling together a great community event," said Evans. "This information is important for everyone, but especially for the youngest among us."
For more information on Georgetown's "Social" Safeway, please click here.
Ruth Werner is Evans' Georgetown liaison.
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Penn Quarter Leader
Honored by Downtown Business Improvement District
Jo-Ann Neuhaus, Executive Director of the Penn Quarter Neighborhood Association, was recently awarded the Downtown Business Improvement District's (BID's) Vision Award. The award recognizes an individual in Downtown who contributes significantly to community building, social interaction, and creating a more vibrant environment for residents, workers, and visitors.
"This award was made for Jo-Ann," said Evans. "She and I both share a vision of a living downtown and she has worked hard to help make Penn Quarter all that it is today."
A tireless advocate for the Penn Quarter community for more than 20 years, Jo-Ann has worked collaboratively with many businesses and organizations, including the Downtown BID, to develop a balance between the needs of downtown residents, business owners, and cultural and entertainment organizations.
The award showcases individual excellence in leadership as demonstrated by outstanding initiative, impact of work, and inspiration to others. The award was presented at the Downtown BID's Momentum Awards. Jo-Ann is only the second person to receive the award, following the late Miles Groves.
The Downtown BID is a non-profit organization that works to improve Downtown DC's public environment, economy, and social equity. The organization relies upon partnerships with the District of Columbia government, the National Park Service, the National Capital Planning Commission, the Washington Metropolitan Area Transportation Authority, and a variety of other public agencies and private sector organizations in order to accomplish its work.
Sherri Kimbel is Evans' Penn Quarter liaison.
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Evans Celebrates Chinese Lunar New Year  | |
Evans celebrates with (L-R) Tony Cheng, Mayor Vincent Gray, Councilmember Phil Mendelson, City Administrator Allen Lew, and Councilmember Vincent Orange. (Photo: Lateef Mangum)
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Councilmember Evans joined members of the Chinese community of the greater Washington metropolitan area last weekend to celebrate Chinese Lunar New Year 4710. Evans was joined by several of his colleagues including Councilmembers Mendelson and Orange, Mayor Vincent Gray, City Administrator Allen Lew, and local business owner Tony Cheng.
"This was my twenty-first Chinese New Year parade and this remains one of my favorite annual events," said Evans. "The parade, the food, and the festivities make it a must attend event for the neighborhood."
The Chinese consolidated Benevolent Association, an umbrella organization representing thirty Chinese-American organizations throughout the Greater Washington, hosted the event.
Sherri Kimbel is Evans' Director of Constituent Services.
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Dupont Circle Metro South Entrance Closed for Escalator Replacement 
The south entrance of Dupont Circle station, located at 19th Street NW, closed this week to allow for total replacement of three escalators with new, modern units. The station entrance will reopen in October.
The project is part of Metro's multi-year, $150-million plan to improve escalator and elevator reliability. Under the current plan, 94 escalators are scheduled for full replacement over the next seven years.
"While this closure is undoubtedly inconvenient for residents and business owners, these repairs are long overdue," said Evans. "My office will continue to work with WMATA throughout the duration of the project to ensure things go as smoothly as possible for the neighborhood."
During the project, the three existing escalator units will be demolished and removed from the site; the area beneath the units will be modified; and new, standard size, industrial-grade escalators will be installed. Crane operations at street level will also necessitate occasional overnight closures of 19th Street, NW.
For additional information on the station closure, please click here.
Andrew Huff is Evans' Dupont Circle liaison.
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The Committee held a hearing on February 1 on the following nominations to serve on the Washington Convention and Sports Authority: PR 19-535, the "Washington Convention and Sports Authority Board of Directors Miriam 'Mimsy' Huger Lindner Confirmation Resolution of 2012" would confirm the appointment of Ms. Linder as a member to the Washington Convention and Sports Authority. PR 19-536, the "Washington Convention and Sports Authority Board of Directors Denise Rolark Barnes Confirmation Resolution of 2012" would confirm the appointment of Ms. Barnes as a member to the Washington Convention and Sports Authority. PR 19-457, the "Washington Convention and Sports Authority Board of Directors Solomon Keene, Jr. Confirmation Resolution of 2012" would confirm the appointment of Mr. Keene as a member to the Washington Convention and Sports Authority representing the president of the Hotel Association of Washington, DC. PR 19-456, the "Washington Convention and Sports Authority Board of Directors Michele V. Hagans Confirmation Resolution of 2012" would confirm the appointment of Ms. Hagans as a member and Chairperson to the Washington Convention and Sports Authority. The committee also held an additional meeting and mark-up on February 1 on the following measure: Bill 19-474, the "Lottery Amendment Repeal Act of 2011" would repeal the Lottery Modernization Amendment Act of 2010 and revert to our prior definition of legal lottery games, thereby excluding i-Gaming. This bill was passed on a vote of 3-2 and will be presented to the full Council for a vote on Tuesday. Ruth Werner is Evans' Committee Director.
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Councilmember Evans is pleased to announce that he will be speaking to several civic organizations and attending several community events in February.
"I always look forward to the opportunity to hear directly from residents about what's working and what could be improved in the District," said Evans. "Attending these meetings and events on a regular basis allows me to do just that."
Evans will attend the following meetings and events in February:
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Logan Circle
Valentine's Day Party
with
Councilmember Evans Saturday, February 11
11:00am-12:30pm
(3-5 year olds)
12:30pm-2:00pm
(0-3 year olds) Whole Foods
Mezzanine Level
1440 P Street, NW
Space is limited.
RSVP here.
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Councilmember Jack Evans
1350 Pennsylvania Ave, NW
Suite 106
Washington, DC 20004
202-724-8058
jevans@dccouncil.us
www.jackevans.org |
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