Case Studies

  • Washington, D.C.

    During the mid-1990s, when the District of Columbia was under the supervision of a financial control board, PFM led the development of two annual budgets and multi-year financial plans to restore fiscal stability to the District. This engagement was uniquely complicated. In addition to both an immediate deficit and longer-term, structural challenges parallel to those faced by many urban governments, Washington's operating budget and ability to levy taxes are subject to Congressional approval. Within this context, PFM's analysis of the city's largest departments resulted in a plan to eliminate the District's operating deficit by generating $463 million in savings. The resulting budget and multi-year plan were adopted as a blueprint for repairing the District government; when implemented, the plan helped to balance the City's revenues and expenditures much earlier than planned. In the years since, recurring surpluses have eliminated the District's structural deficit and have supported a period of economic revitalization.

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    These materials are based on factual information from actual projects that The PFM Group of companies has engaged in for a client. They are for general information purposes only and are not intended to provide specific advice or a specific recommendation. The results of individual projects will vary significantly depending upon the size and structure of each transaction, permitted investments, prevailing market conditions at the time of the transaction, and other events or circumstances beyond our control. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in these case studies is not an offer to purchase or sell any securities.