(Washington, DC) – Today, the District’s Chief Financial Officer released the revised revenue estimates for the District of Columbia Budget and Financial Plan. The revenue forecast is up $205 million in Fiscal Year (FY) 2026 compared to the February estimates, but down $155 million in FY27 and down $144 million in FY28. FY26 gains were largely driven by a rising stock market, while the projected upcoming losses reflect the softening local jobs market in the wake of federal job losses. Of note, $150 million of the additional $205 million in new revenue will be used to replenish the District’s cash flow reserve funds that were drawn down by the Council in passing the FY27 budget. In response, Mayor Bowser released the following statement: “These estimates underscore what we already know: we must act urgently to create jobs and diversify our economy so we can address the impacts of a changing federal footprint in the nation’s capital. My Administration has consistently said the District cannot sustain spending levels that far outpace revenue growth and we cannot tax and spend our way back to a thriving economy. Instead, we must be laser focused on investments and policies that drive growth. A bright spot in our economy this year was summer tourism; we must continue to lean in on what’s working, from hospitality and tourism to sports and entertainment. As we create jobs and grow our economy, these industries are going to help us continue making important investments in our key priorities: supporting education and public safety; preserving core government services; protecting health care programs; and promoting a strong economic growth agenda.”