Kay Bailey Hutchison: “I am pleased to bring to the Senate floor the bill making appropriations for the government of the District of Colombia…”

“I am pleased to bring to the Senate floor the bill making appropriations for the government of the District of Colombia for fiscal year 2000. This bill is largely the result of the cooperation between Mayor Williams, the city council, and the Financial Control Board. As a result of the hard work of locally elected officials, the Congress and the Financial Control Board, we begin to see signs of a healthier financial picture in the District. At the end of fiscal year 1998, the District boasted an annual surplus of $445 million. This surplus allowed the District to eliminate the accumulated deficit. Having paid that off, the District still realized a $112 million positive fund balance. The District is projecting a $282 million fund balance by the end of this year, which is 6 percent of the gross budget. The District's healthy fund balance and improved economic forecasts have helped the District achieve investment grade bond ratings on Wall Street, which will save the District millions in borrowing costs. One of the important provisions in the committee bill creates a mechanism that will help improve this situation even more.”