To the editor:
Recently, the District’s Chief Financial Officer announced that Moody’s Investors Service has upgraded DC’s General Obligation bond rating to AAA: the highest possible credit rating. In making the announcement, Moody’s offered a glowing endorsement of our budgetary management, stating that the District has demonstrated “exemplary fiscal governance.”
I applaud this most recent validation of the District’s sound fiscal management. We have made such remarkable progress since the days of the Congressional Financial Control Board in the 90’s.
While I celebrate this symbol of our strong management, I urge that it should not be seen as an open invitation to spend more, but rather as an opportunity to further solidify our financial stability for the long run. The reality is that growth, like everything else, does not last. Over the next 5 years, we are projected to accumulate another $5 billion in debt. While that says a great deal about our desire to invest in our city, it also says much about our need for overall restraint in borrowing and spending.
We must able to pay this money back, and we cannot do this at the expense of our residents. As the District and the nation cope with increasing uncertainty from the Federal Government, I believe that we must be prudent with how we manage our city’s finances and wise in how we spend taxpayer dollars. As Ward 4 Councilmember, I will continue to work tirelessly to ensure our fiscal house remains in order for generations to come.
Brandon T. Todd, Ward 4 Councilmember