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What’s In Store For the FY 2013 Budget?

What’s In Store For the FY 2013 Budget?. February 29, 2012 Elissa Silverman (silverman @dcfpi.org ) DC Fiscal Policy Institute ( www.dcfpi.org ) . What Happened Last Year: Not a Balanced Approach on Cuts. Human Services Has Taken a Large Hit in the Last Several Years.

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What’s In Store For the FY 2013 Budget?

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  1. What’s In Store For the FY 2013 Budget? February 29, 2012 Elissa Silverman (silverman@dcfpi.org) DC Fiscal Policy Institute (www.dcfpi.org)

  2. What Happened Last Year: Not a Balanced Approach on Cuts

  3. Human Services Has Taken a Large Hit in the Last Several Years Source: Office of the Chief Financial Officer, Certification Letter February 2011.

  4. Unemployment Continues to Rise For Many DC Residents Source: DCFPI Analysis of the FY 2011 Budget and Financial Plan (December 2010). All figures are in thousands .

  5. Child Poverty Has Jumped in DC during the Recession

  6. How Should We Think about Solving the FY 2013 Budget Gap? • More balanced pie chart of budget cuts • Mixture of revenues and cuts: • Forgo “paygo capital” set aside ($50 million) • Deed recordation for commercial refinancing • Require high-income households to combine income • Expand sales tax to more services • Phase out some deductions and exemptions • Raise minimum floor for residential property tax • PILOT for universities and hospitals

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