Friday, July 27, 2012

Economic development spending in FY 2013

Of the $790 million in economic development incentives citywide and in each Ward, $580 million is dedicated to Ward-based projects.   By far, most will be spent on Wards 5 and 8 projects.   Two school projects―Dunbar Senior High School and Brookland Middle School―are on the Ward 5 list.   In Ward 8, projects include St. Elizabeth's East Campus infrastructure improvements and the Ballou Senior High School renovation.

Just over $600 million is directed to agencies.   Sixty-five percent is dedicated to DC Public Schools and the entire amount will be expenditures versus tax abatements or credits.

The CFO is required to report all potential sources of economic development incentives in the mayor's proposed budget.   District of Columbia Unified Economic Development Report, FY13 Economic Development Incentives under the Mayor’s Proposed Budget and Previously Authorized Expenditures is the latest of the reports.

The report and five appendices are on the CFO website in the Unified Economic Development Report section.

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