Blog posts | ora-cfo

September tax revenue estimate for DC comes in higher than February estimate

Our office recently released its quarterly revenue estimate for the FY 2023 – FY 2027 District of Columbia Budget and Financial Plan. We revised our FY 2023 local source revenue estimate upward by $178.8 million based on year-to-date collections data that show higher than expected sales and corporate income tax revenue. Stronger than expected interest earnings from investible reserves also comprise part of the FY 2023 upward revision.

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Economic and Revenue Trend Reports, January 2023

View the Economic and Revenue Trend Reports for January 2023

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D.C. lost at least 17,000 more people during the pandemic than in the prior year, according to USPS data on net moves. At least 9,000 of the loss appears to be permanent.

When the pandemic restrictions were put in place last Spring, there was plenty of anecdotal evidence that people were leaving D.C. as white-collar workers became remote, others were laid off, and schools shut down. Data from the United States Postal Service (USPS), which records changes of address, provides a clue as to how many people left D.C. and where they went.

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Recent Changes in the District’s Apartment Market: Transitory or Structural?

The District of Columbia’s apartment market has experienced some remarkable changes over the last 24 months. Notably, the vacancy rate for market rate apartments in the District rose from 6.9 percent in fiscal year 2019 to 10.6 percent in fiscal year 2020 and 8.7 percent in fiscal year 2021 (See here).

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Pandemic led to DC population loss, but data suggests population rebound last summer

As has been reported, the U.S. Census Bureau estimated that the District (D.C.), after years of population increases, lost nearly 20,000 people between April 1, 2020, and July 1, 2021.

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Overview of DC’s Dedicated Taxes, FY 2010 – FY 2019

Like many other states and municipalities, the District sometimes earmarks or dedicates tax revenue for specific purposes rather than general budget purposes. One of the most common examples of a dedicated tax is the motor fuel tax used to fund roads and highways and it has become more popular as a way to raise tax revenue.

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Who Claims the DC Earned Income Tax Credit?

This blog expands on our review, here, of the DC Earned income tax credit (DC EITC) looking at the distribution of DC EITC recipients by income, qualifying children and childless workers, and the geographic location. The benefit is concentrated among working families with dependents earning between $10,000 to $25,000 between 2006 and 2017.

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